ClearBridge Dividend Strategy Portfolios - Legg Mason

Q221 | Separately Managed Accounts | Quarterly Attribution Report

ClearBridge Dividend Strategy Portfolios

Quarterly Attribution Report

(SUPPLEMENTAL INFORMATION) (TO BE USED ONLY IN CONJUNCTION WITH PRODUCT FACT CARD)

ONE-ON- ONE PRESENTATION

Forecasts are inherently limited and should not be relied upon as an indicator of future performance. INVESTMENT PRODUCTS: NOT FDIC INSURED ? NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY ? NO BANK GUARANTEE ? MAY LOSE VALUE

Profile*

As of June 30, 2021

This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the sectors and securities listed and should not be used as the sole basis for any investment decision.

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.

Portfolio characteristics?

Number of Holdings Wtd Avg Mkt Cap ($B) Median Market Cap ($B) Forecast P/E Price-to-Book

Portfolio 53

370.6 150.4 20.2

7.1

SP50.R 505

519.7 187.6 22.3

8.6

Portfolio composition

Equity (%) Cash (%)

Top holdings?

Microsoft Corp Apple Inc Raytheon Technologies Corp PPG Industries Inc Bank of America Corp Comcast Corp Blackstone Group Inc/The United Parcel Service Inc Visa Inc Apollo Global Management Inc

97.5 2.5

% of Equity

5.5

4.6

3.4

2.9

2.8

2.8

2.5

2.4

2.3

2.2

Total

31.2

Economic sectors?

Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology M aterials Real Estate Utilities Cash

Portfolio 5.9 2.2 8.1 5.1 16.3 10.1 11.7 20.5 9.4 2.5 5.7 2.5

SP50.R 11.1 12.3 5.9 2.9 11.3 13.0 8.5 27.4 2.6 2.6 2.5 0.0

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.

* Source: FactSet 1 Return % (security level): Total Return for the period held.

Please see definitions and terms for additional important information. Past performance is no guarantee of future results.

Performance Summary*

Apr 1, 2021 through Jun 30, 2021

This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the sectors and securities listed and should not be used as the sole basis for any investment decision.

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.

Best performers

Apollo Global Management Inc. Blackstone Group Inc. United Parcel Service, Inc. Otis Worldwide Corp. Zoetis Inc.

Greatest contributors?

Blackstone Group Inc. Microsoft Corporation Apollo Global Management Inc. Apple Inc. United Parcel Service, Inc.

Portfolio Rate of Return (%) 33.47 31.54 22.93 19.83 18.51

Contribution to Equity Return (%)

0.81 0.78 0.58 0.54 0.53

Top holdings

Microsoft Corporation Apple Inc. Raytheon Technologies Corp. Comcast Corporation PPG Industries, Inc.

Worst performers

Organon & Co. Cognizant Technology Solutions Corporation Walt Disney Company WEC Energy Group Inc Ecolab Inc.

Greatest detractors?

Walt Disney Company Ecolab Inc. Verizon Communications Inc. NextEra Energy, Inc. Cognizant Technology Solutions Corporation

Average Weight (%)

5.22 4.38 3.42 2.98 2.95

Portfolio Rate of Return (%) -21.86 -9.46 -4.74 -4.29 -3.57

Contribution to Equity Return (%)

-0.09 -0.05 -0.04 -0.03 -0.03

Past performance is no guarantee of future results. The performance results shown are gross of fees and does not reflect the deduction of any investment management fees and certain transaction costs, which will reduce portfolio performance. Returns reflect the reinvestment of dividends and other earnings. 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. As fees are deducted quarterly, the compounding effect will be to increase their impact by an amount directly related to gross portfolio performance. For example, on a portfolio with a 2% annual fee, if gross annual performance is 10%, the compounding effect of the fees will result in net annual performance of 7.81%.

To obtain specific information on available products and services or a GIPS? Report, contact your Franklin Templeton separately managed account sales team at (800) 8228464. 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.Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs.

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.

* Source: FactSet 1 Return % (security level): Total Return for the period held.

Please see definitions and terms for additional important information. Past performance is no guarantee of future results.

Performance Summary*

Apr 1, 2021 through Jun 30, 2021

This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the sectors and securities listed and should not be used as the sole basis for any investment decision.

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.

All returns are gross-of-fees.

Sector allocation and returns?

Economic sector allocation (%)

Economic sector returns (%)

Information Technology

19.53

26.71

9.23 11.56

Financials

16.43 11.55

12.09 8.36

Industrials

11.96 8.77

11.75 4.48

Health Care

10.10 12.93

6.92 8.40

Materials

2.74

9.71

6.05 4.97

Consumer Staples

8.15 6.00

6.12 3.83

Communication Services

6.27 11.06

0.73 10.72

Utilities

5.83 2.59

-1.38 -0.41

Energy

4.53 2.81

11.76 11.30

Real Estate

2.46 2.54

14.11 13.09

Consumer Discretionary

2.22

12.30

Cash

2.80 0.00

5.02 6.95

0.01 0.00

0.0

5.0 10.0 15.0 20.0 25.0 30.0 -5.0

0.0

5.0

10.0

15.0

Past performance is no guarantee of future results. The performance results shown are gross of fees and does not reflect the deduction of any investment management fees and certain transaction costs, which will reduce portfolio performance. Returns reflect the reinvestment of dividends and other earnings. 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. As fees are deducted quarterly, the compounding effect will be to increase their impact by an amount directly related to gross portfolio performance. For example, on a portfolio with a 2% annual fee, if gross annual performance is 10%, the compounding effect of the fees will result in net annual performance of 7.81%.

To obtain specific information on available products and services or a GIPS? Report, contact your Franklin Templeton separately managed account sales team at (800) 8228464. 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. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs.

Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

* Source: FactSet 2 Portfolio Return: Total Return for the equity portion of the portfolio only.

Please see definitions and terms for additional important information. Past performance is no guarantee of future results.

ClearBridge Dividend Strategy Portfolios Standard & Poor's 500 Index

Performance Attribution by Sector*

This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the sectors and securities listed and should not be used as the sole basis for any investment decision.

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.

All returns are gross-of-fees.

Apr 1, 2021 through Jun 30, 2021

Economic Sectors

Industrials Financials Consumer Discretionary Consumer Staples Energy Real Estate Materials Health Care Utilities Information Technology Communication Services Cash

TOTAL

Portfolio Weight

Benchmark Weight

Weight

Difference

Portfolio Return

Benchmark Return

Return Difference

Sector Performance

Sector Select

Stock Select

Active Contribution

11.96 16.43 2.22 8.15 4.53 2.46 9.71 10.10 5.83 19.53 6.27 2.80

8.77 11.55 12.30 6.00 2.81 2.54 2.74 12.93 2.59 26.71 11.06 0.00

3.18 4.88 -10.08 2.15 1.72 -0.07 6.97 -2.83 3.24 -7.18 -4.79 2.80

11.75 12.09 5.02 6.12 11.76 14.11 6.05 6.92 -1.38 9.23 0.73 0.01

4.48 8.36 6.95 3.83 11.30 13.09 4.97 8.40 -0.41 11.56 10.72 0.00

7.28 3.73 -1.93 2.29 0.46 1.02 1.08 -1.49 -0.98 -2.33 -9.99 0.01

-4.07 -0.19 -1.60 -4.72 2.75 4.54 -3.58 -0.14 -8.96 3.01 2.17 -8.55

-0.111 -0.015 0.141 -0.106 0.060 -0.004 -0.213 0.010 -0.278 -0.190 -0.102 -0.297

0.817 0.557 -0.033 0.183 -0.007 0.020 0.092 -0.146 -0.064 -0.428 -0.629 0.000

0.706 0.542 0.108 0.076 0.053 0.017 -0.121 -0.136 -0.342 -0.619 -0.731 -0.297

7.81

8.55

-0.74

-1.105

0.363

-0.742

Sector Selection Contribution (%)

Industrials

-0.11

Financials

-0.01

Consumer Discretionary

0.14

Consumer Staples

-0.11

Energy

0.06

Real Estate

0.00

Materials

-0.21

Health Care

0.01

Utilities

-0.28

Information Technology

-0.19

Communication Services

-0.10

Cash

-0.30

-0.4 -0.3 -0.2 -0.1 0.0 0.1 0.2

Stock Selection Contribution (%)

0.82

0.56

-0.03

0.18

-0.01

0.02

0.09

-0.15

-0.06

-0.43

-0.63

0.00

-1.0

-0.5

0.0

0.5

1.0

Active Contribution (%)

0.71

0.54

0.11

0.08

0.05

0.02

-0.12

-0.14

-0.34

-0.62

-0.73

-0.30

-1.0

-0.5

0.0

0.5

1.0

The performance results shown are gross of fees and does not reflect the deduction of any investment management fees and certain transaction costs, which will reduce portfolio performance. Returns reflect the reinvestment of dividends and other earnings. 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. As fees are deducted quarterly, the compounding effect will be to increase their impact by an amount directly related to gross portfolio performance. For example, on a portfolio with a 2% annual fee, if gross annual performance is 10%, the compounding effect of the fees will result in net annual performance of 7.81%. To obtain specific information on available products and services or a GIPS? Report, contact your Franklin Templeton separately managed account sales team at (800) 8228464. 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. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

* Source: FactSet Percentages represent the equity portion only. Please see definitions and terms for additional important information. Past performance is no guarantee of future results.

Definitions and Terms

Index definitions

The S&P 500 Index is a capitalization weighted, composite index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Dividends are subject to reinvestment.

Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Cash does not earn any reinvestment income while it is held in the index.

Risks

All investments involve risk, including 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. Limited investments also may be made in non-dividend paying stocks that are not expected to pay a dividend in the near future. The managers may sometimes hold significant portions of portfolio assets in cash equivalents while waiting for buying opportunities.

Glossary

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Beta is used in the capital asset pricing model (CAPM), a model that calculates the expected return of an asset based on its beta and expected market returns..

EPS (Earnings Per Share) is the portion of a company's profit allocated to each outstanding share of common stock.

Historical EPS Growth ? 1 Yr (Trailing EPS) The sum of a company's earnings per share for the previous four quarters.

Historical EPS Growth ? 5 Yr (Trailing EPS) The sum of a company's earnings per share for the previous 60 quarters.

P/E Ratio is the last closing share price divided by the earnings per share based on the trailing 4 quarters of earnings.

Forecast P/E is measure of the price-to-earnings ratio (P/E) using forecasted earnings for the P/E calculation. The forecasted earnings used in the formula is for the next 12 months.

Trailing P/E is the sum of a company's price-to-earnings, calculated by taking the current stock price and dividing it by the trailing earnings per share for the past 12 months.

Market Capitalization measures the number of outstanding common shares of a given corporation multiplied by the latest price per share.

Weighted Median Market Capitalization represents the value at which half the portfolio's market capitalization weight falls above, and half falls below.

Weighted Average Market Capitalization represents the average value of the companies held in the portfolio. When that figure is weighted, the impact of each company's capitalization on the overall average is proportional to the total market value of its shares.

Price-to-Book ratio compares a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share.

R2 (R-Squared) is a statistical measure that represents the percentage of a fund or security's movements that can be explained by movements in a benchmark index. Generally, the higher the R2, the more meaningful the beta figure.

Yield (Current Yield) The income return on an investment. This refers to the interest or dividends received from a security and is expressed annually as a percentage based on its current market value.

The investment strategies described herein are those of Legg Mason Private Portfolio Group, LLC (LMPPG). 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 LMPPG materials are 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.

Factual information relating to the securities discussed was obtained from sources believed to be reliable, but there can be no guarantee as to its accuracy. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities discussed in the material.

Separately Managed Accounts (SMAs) are investment services provided by Legg Mason Private Portfolio Group, LLC (LMPPG), a federally registered investment adviser. Client portfolios are managed based on investment instructions or advice provided by one or more of the following Franklin Templeton affiliated sub-advisers: ClearBridge Investments, LLC. Management is implemented by LMPPG, the designated sub-adviser or, in the case of certain programs, the program sponsor or its designee.

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.

Investments are not obligations of, and are not guaranteed by, LMPPG or any other Franklin Templeton 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.

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 ClearBridge Investments, LLC are Franklin Templeton affiliated companies. CBAX570016 07/21

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