Description of the Firm Western Asset Management Company, LLC (“Western Asset U.S.”), Western Asset Management Company Limited (“Western Asset UK”), Western Asset Management Company Pte. Ltd. (“Western Asset Singapore”), and Western Asset Management Company Ltd. (“Western Asset Japan”), (collectively, “Western Asset” or the “Firm”). Western Asset is a leading global fixed-income investment manager committed to delivering long-term results through active management for over 50 years. Owned by Franklin Resources, Inc. (“Franklin Resources”), Western Asset operates with investment independence from its parent and is comprised of a total of six legal entities that operate as part of Western Asset. Our active investment approach combines the market knowledge of long tenured portfolio managers with the research of a specialized group of sectors and portfolio analysts and the rigor of a dedicated, independent risk management team. There are a total of six legal entities that operate as part of Western Asset, however, unless specifically noted, references to Western Asset and the Firm represent the four SEC-registered legal entities below. Western Asset Management Company, LLC 385 East Colorado Boulevard Pasadena, California 91101 +1.626.844.9400 620 8th Avenue, 50th Floor New York, New York 10018 +1.212.601.6229 Western Asset Management Company Limited 10 Exchange Square, Primrose Street London EC2A 2EN, United Kingdom +44 (0)20.7422.3000 Western Asset Management Company Pte. Ltd. 1 George Street #23-01 Singapore 049145 +65 6428.3600 Western Asset Management Company Ltd 5-1 Marunouchi 1-Chome Chiyoda-Ku Tokyo 100-6536, Japan +81 (0)3.4520.4300 Additionally, Western Asset Singapore has a presence in Hong Kong to service the Firm’s Hong Kong client relationships. The Firm’s Client Service Executives travel to Hong Kong and utilize a Franklin Templeton office to service these relationships. Similarly, Western Asset UK has a presence in Zürich, Switzerland to service the Firm’s European relationships. Western Asset encompasses two other legal entities that are not SEC registered investment advisers; however, certain information about these legal entities is included in this brochure. Western Asset Management Company Distribuidora de Titulos e Valores Mobiliarios Limitada is located in São Paulo, Brazil and Western Asset Management Company Pty Ltd is located in Melbourne, Australia. Our History Western Asset operates as a separate legal entity and an autonomous investment management company as part of the Franklin Resources organization and provides discretionary investment management and advisory services to clients, as described in this brochure. Western Asset Management Company, LLC was founded in Los Angeles, California in October 1971 by United California Bank (which later became First Interstate) before relocating to Pasadena, California, where it is currently headquartered. In December 2005, to further enhance Western Asset's capabilities and global presence, Legg Mason acquired a substantial part of Citigroup’s asset management business in exchange for its brokerage and capital markets business. As part of this transaction, the Firm gained new offices in Hong Kong, Melbourne, New York, São Paulo and Tokyo, as well as related staff and assets. In May 2018, Western Asset U.S. was converted from a California corporation to a California limited liability company. Western Asset’s parent company, Legg Mason, Inc. (“Legg Mason”) was acquired by Franklin Resources, Inc. (“Franklin Resources”) in a transaction that closed on July 31, 2020. In the transaction, Franklin Resources purchased 100% of the outstanding equity of Legg Mason and, as a result, indirectly acquired 100% of Legg Mason’s ownership interest in Western Asset. Western Asset entered into a revenue-sharing agreement with Franklin Resources that allows Western Asset to retain control over a substantial percentage of its revenues. While Western Asset U.S. is generally responsible for managing U.S. fixed-income mandates, including the related portions of the Firm’s broader portfolios and servicing its U.S. relationships, it undertakes all types of investment-related activities, including investment management, research and analysis, securities settlement, and client service. Western Asset’s office in New York is primarily responsible for the Firm’s liquidity and municipal products. Western Asset UK is generally responsible for managing global and non-U.S. dollar fixed-income mandates, including the related portions of the Firm’s broader portfolios, as well as servicing client relationships in Europe Middle East and Africa. Western Asset UK undertakes all types of investment related activities including investment management, research analysis, securities settlement, and client service. In February 2019, Western Asset UK established a presence in Zürich, Switzerland to enhance the Firm’s client service and marketing presence in Europe. Western Asset Singapore is dedicated to managing Asian (excluding Japan) fixed-income mandates, and providing input and analysis for the Asian portions of Western Asset’s broader portfolios, as well as servicing these relationships. It undertakes all types of investment-related activities including investment management, research and analysis, securities settlement, and client service. Western Asset Singapore has a presence in Hong Kong to service the Firm’s Hong Kong client relationships. Western Asset Japan is responsible for managing Japanese mandates, including the related portions of Western Asset’s broader portfolios. It also services Japanese clients investing in non-Japanese investments managed by other offices. It undertakes all types of investment-related activities including investment management, research and analysis, securities settlement, and client service. Western Asset Australia is responsible for managing Australian and New Zealand fixed-income mandates, including the related portions of Western Asset’s broader portfolios, and servicing the Firm’s Australian relationships. It undertakes all types of investment related activities including investment management, research and analysis, securities settlement, and client service. Western Asset Brazil is responsible for managing Brazilian fixed-income mandates, including the related portions of Western Asset’s broader portfolios, and servicing the Firm’s Brazilian relationships. Unlike other offices, it also manages equity and balanced accounts. It undertakes all types of investment-related activities including investment management, research and

analysis, securities settlement, and client service. Supervised Affiliates of Western Asset As noted above, Western Asset is comprised of a number of supervised affiliates. Below are the dates these entities were established or came under Western Asset’s management: Entity Jurisdiction Date Western Asset Management Company, LLC United States 1971 Western Asset Management Company Limited United Kingdom 1986 Western Asset Management Company Pte. Ltd. Singapore 2000 Western Asset Management Company Ltd Japan 2005 Western Asset Management Company Pty Ltd Australia 2005 Western Asset Management Company DTVM Limitada Brazil 2005 As of September 30, 2023, Western Asst had approximately 713 employees in 8 cities across 7 countries. Types of Products and Services Western Asset provides investment management and advisory services for a broad range of fixed income portfolios, including broad market portfolios and more specialized and tailored portfolios. It does not manage equity portfolios except in limited circumstances, although certain types of instruments, which may be considered to have equity characteristics, such as preferred stock and convertible instruments, are commonly found in certain fixed income investment portfolios that we manage. Western Asset’s principal investment strategies are as follows: Asia Local Currency Debt Asia USD Debt Currency Alpha Emerging Markets Corporate Emerging Markets Diversified Euro Aggregate Global Aggregate Global High Yield Global Inflation-Linked Global Multi-Sector Global Sovereign Global Term Premium Global Credit-Corporate Japan Core Conservative Japan Fixed Income Macro Opportunities Multi-Asset Credit Short Duration High Income Short Duration High Yield Structured Product Structured Product Levered Total Return Unconstrained UK Credit US Agency MBS US Agency MBS Plus US Bank Loan US Core US Core Constrained US Core Plus US ESG Core Plus US Enhanced Liquidity US High Yield US High Quality High Yield US Intermediate US Intermediate Plus US Investment Grade Credit US Investment Grade Credit Plus US Investment Grade Intermediate Credit Plus US Short Duration US Short Duration Constrained US Long Credit US Long Credit Plus US Long Duration Plus US Liquidity US Municipal Intermediate US Municipal Long US Taxable Municipal In addition to the legal entity directly contracted with a client, all or a part of any account may be sub-advised by our affiliates through delegation. Appendix A Investment Strategies contains descriptions about the investment strategies listed above. Western Asset generally tailors its advisory services and products to client needs and requirements. Western Asset typically reviews and crafts investment objectives and guidelines in detail with new clients as part of the startup process, and revisits objectives and guidelines with existing clients over time as their investment requirements change. Wrap Fee Programs Western Asset U.S. also provides investment management services to clients under various “wrap fee programs” that may be sponsored by banks, broker-dealers or other investment advisers that may or may not be affiliated with Western Asset. Wrap fee program clients should carefully review the terms of the relevant agreement with their sponsor to understand the terms, services, minimum account size and any additional fees that may be associated with their account and participation in the wrap fee program. Western Asset U.S. receives a portion of the wrap fee for services provided to such accounts. In light of the relatively small size of these accounts when compared to those of institutional clients, Western Asset U.S. has developed products specifically for wrap fee programs and clients. Not all strategies are available through wrap fee programs. Further, the manner in which Western Asset U.S. executes a strategy through a wrap fee program may differ from how the same strategy is executed for an institutional client, for example, because of the need to adhere to the restrictions imposed by the wrap fee account provider or due to the use of affiliated commingled vehicles rather than individual securities. Where Western Asset U.S. has discretion, Western Asset U.S. makes investment decisions that are consistent with the strategy selected by the client and sponsor. Where Western Asset U.S. does not have discretion, Western Asset U.S. provides information (e.g., model portfolios) to the sponsor to be used by the sponsor or other investment professional in implementing investment decisions. Private Funds Clients may access certain Western Asset strategies through private funds. In order to do so, clients must meet certain qualifications and be either qualified purchasers or accredited investors. These funds are primarily designed to provide Western Asset’s clients with opportunistic asset diversification in an effort to augment investment strategies in seeking a client’s overall objectives. The funds may also be utilized as an investment vehicle to launch a new strategy or product that may not initially create demand worthy of separate account minimums or where specific business and legal arrangements make the use of a private fund necessary or advisable. As of September 30, 2023, Western Asset U.S. is the Managing Member and investment manager of approximately 50 private commingled investment funds. Regulatory Assets Under Management (RAUM) as of September 30, 2023* Managing Entity Number of Client Accounts RAUM U.S. (Pasadena and New York) 502** $ 291,517,682,258 United Kingdom 78 $ 28,392,397,689 Singapore 17 $ 4,212,320,038 Tokyo 20 $ 3,434,431,664 Total 617 $ 327,556,831,649 *Western Asset, through the offices listed above, managed approximately $327 billion of which approximately $5 billion consisted of non-discretionary assets. **Excluded from the number of client accounts above are the separately managed accounts Western Asset U.S. sub- advises pursuant to arrangements with wrap fee program sponsors. As of September 30, 2023, the assets under management of these arrangements was approximately $22,299,638,029 and consisting of approximately 35,633 accounts. As reported above, Western Asset’s institutional business is responsible for substantially all of the regulatory assets under management.