Western Asset SMASh Series Core Completion Fund WAADX Strategy

The investment seeks to maximize total return consisting of capital appreciation and income, consistent with prudent investment management. The fund presently intends to limit its investments to U.S. dollar denominated securities and currently anticipates that it will generally only purchase debt securities that are rated in the Baa or BBB categories or above at the time of purchase by one or more Nationally Recognized Statistical Rating Organizations ("NRSROs") or unrated securities of comparable quality at the time of purchase. It is non-diversified.