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<SEC-DOCUMENT>0000914851-07-000266.txt : 20070730
<SEC-HEADER>0000914851-07-000266.hdr.sgml : 20070730
<ACCEPTANCE-DATETIME>20070730155601
ACCESSION NUMBER:		0000914851-07-000266
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20070531
FILED AS OF DATE:		20070730
DATE AS OF CHANGE:		20070730
EFFECTIVENESS DATE:		20070730

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET MANAGED MUNICIPALS FUND INC.
		CENTRAL INDEX KEY:			0000886043
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06629
		FILM NUMBER:		071009546

	BUSINESS ADDRESS:	
		STREET 1:		CITIGROUP ASSET MANAGEMENT
		STREET 2:		125 BROAD STREET, 10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004
		BUSINESS PHONE:		212-291-2556

	MAIL ADDRESS:	
		STREET 1:		CITIGROUP ASSET MANAGEMENT
		STREET 2:		125 BROAD STREET, 10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MANAGED MUNICIPALS PORTFOLIO INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>n4i4answer.fil
<TEXT>
<PAGE>      PAGE  1
000 B000000 05/31/2007
000 C000000 886043
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 WA MANAGED MUNICIPALS FUND INC
001 B000000 811-6629
001 C000000 8004512010
002 A000000 125 BROAD STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10004
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
008 A000001 LEGG MASON PARTNERS FUND ADVISOR, LLC
008 B000001 A
008 C000001 801-66785
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10022
008 A000002 WESTERN ASSET MANAGEMENT COMPANY
008 B000002 S
008 C000002 801-08162
008 D010002 PASADENA
008 D020002 CA
008 D030002 91105
011 A000001 CITIGROUP GLOBAL MARKETS INC.
011 B000001 8-8177
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10013
011 A000002 LEGG MASON INVESTOR SERVICES, LLC
011 B000002 8-016767
011 C010002 BALTIMORE
011 C020002 MD
011 C030002 21202
012 A000001 AMERICAN STOCK TRANSFER & TRUST COMPANY
012 B000001 84-00416
012 C010001 NEW YORK
012 C020001 NY
012 C030001 10038
013 A000001 KPMG LLP
<PAGE>      PAGE  2
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10154
014 A000001 LEGG MASON INVESTOR SERVICES, LLC
014 B000001 8-016767
015 A000001 STATE STREET BANK AND TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000  150
019 C000000 LMPARTNERS
021  000000        0
022 A000001 BEAR STEARNS & CO., INC.
022 B000001 13-3299429
022 C000001     63673
022 D000001     46252
022 A000002 MORGAN STANLEY
022 B000002 13-2655998
022 C000002     38500
022 D000002     45237
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003     40531
022 D000003     37974
022 A000004 JPMORGAN CHASE & CO.
022 B000004 13-3224016
022 C000004     28000
022 D000004     32780
022 A000005 LEHMAN BROTHERS INC.
022 B000005 13-2518466
022 C000005     31400
022 D000005     22504
022 A000006 UBS SECURITIES LLC
022 B000006 13-3873456
022 C000006     43074
022 D000006         0
022 A000007 BANC OF AMERICA SECURITIES LLC
022 B000007 56-2058405
022 C000007         0
022 D000007     25317
022 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000008 13-5674085
022 C000008     16987
022 D000008         0
022 A000009 JEFFERIES & COMPANY, INC.
022 B000009 95-2622900
022 C000009         0
<PAGE>      PAGE  3
022 D000009     10559
022 A000010 EDWARDS AG SONS, INC
022 B000010 43-0895447
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022 D000010      9814
023 C000000     301740
023 D000000     232136
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<PAGE>      PAGE  5
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<PAGE>      PAGE  8
074 W000000   0.0000
074 X000000    19041
074 Y000000     4953
075 A000000        0
075 B000000   699144
076  000000    11.18
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
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077 H000000 N
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077 M000000 N
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077 Q010000 Y
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078  000000 N
080 A000000 ICI MUTUAL INSURANCE
080 C000000   145000
081 A000000 Y
081 B000000 149
082 A000000 Y
082 B000000      100
083 A000000 N
083 B000000        0
084 A000000 N
084 B000000        0
085 A000000 Y
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087 A010000 WA MANAGED MUNICIPALS FUND INC.
<PAGE>      PAGE  9
087 A020000 95766M105
087 A030000 MMU
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE   GARMAN HUI
TITLE       SR FUND ANALYST

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>auditletter77b.txt
<TEXT>
Report of Independent Registered Public Accounting Firm

The Board of Directors
Western Asset Managed Municipals Fund Inc.:

In planning and performing our audit of the financial statements of
Western Asset Managed Municipals Fund Inc. (formerly Managed Municipals
Portfolio Inc.) as of and for the year ended May 31, 2007, in accordance
with the standards of the Public Company Accounting Oversight Board
(United States), we considered its internal control over financial
reporting, including control activities for safeguarding securities, as
a basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, but not for the purpose of expressing an
opinion on the effectiveness of the Fund?s internal control over
financial reporting. Accordingly, we express no such opinion.
The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.  In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of
controls.  A fund's internal control over financial reporting is a
process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with U.S. generally
accepted accounting principles.  Such internal control includes policies
and procedures that provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use or disposition of a
fund's assets that could have a material effect on the financial
statements.
Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
A control deficiency exists when the design or operation of a control
does not allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect misstatements
on a timely basis. A significant deficiency is a control deficiency, or
combination of control deficiencies, that adversely affects the fund's
ability to initiate, authorize, record, process or report external
financial data reliably in accordance with U.S. generally accepted
accounting principles such that there is more than a remote likelihood
that a misstatement of the fund's annual or interim financial statements
that is more than inconsequential will not be prevented or detected. A
material weakness is a significant deficiency, or combination of
significant deficiencies, that results in more than a remote likelihood
that a material misstatement of the annual or interim financial
statements will not be prevented or detected.
Our consideration of the Fund's internal control over financial
reporting was for the limited purpose described in the first paragraph
and would not necessarily disclose all deficiencies in internal control
that might be significant deficiencies or material weaknesses under
standards established by the Public Company Accounting Oversight Board
(United States).  However, we noted no deficiencies in the Fund's
internal control over financial reporting and its operation, including
controls for safeguarding securities, that we consider to be a material
weakness as defined above as of May 31, 2007.
This report is intended solely for the information and use of management
and the Board of Western Asset Managed Municipals Fund Inc. and
Securities and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.

KPMG



New York, New York
July 25, 2007
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>3
<FILENAME>item77q1custodyagreement.txt
<TEXT>
April 9, 2007

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts  02111
Re:	Custodian Services Agreement

Ladies and Gentlemen:
      Reference is made to the Custodian Services Agreement, dated as of
January 1, 2007 (as amended to date, the "Agreement"), by and among State
Street Bank and Trust Company, a Massachusetts trust company, and each
management investment company identified as an "Existing Fund" on
Schedule I hereto (each, a "Fund" and, collectively, the "Funds") on
behalf of each of its series, if any, identified as "Existing Portfolio"
on Schedule I hereto (each, a "Portfolio" and, collectively, the
"Portfolios") and certain other affiliated management investment companies.
      In connection with a restructuring of the complex of which the Funds
are a part, as of the close of business on April 13, 2007 or April 27, 2007,
as indicated on Schedule I hereto (each, a "Closing Date"), many of the
Funds and Portfolios will be reorganized as set forth on Schedule I hereto.
Additionally, as indicated on Schedule I, several Funds and Portfolios have
recently ceased or shall cease operations following fund combinations (or
otherwise) on the date indicated on Schedule I hereto (each, a "Termination
Date").
      On each applicable Closing Date, (i) each management company
identified as a "Successor Fund" shall become a "Fund" party to the Agree-
ment on behalf of each of its series identified on Schedule I as a "Successor
Portfolio" and shall assume all of the rights and obligations under the
Agreement of the corresponding Existing Fund with respect to each applicable
Existing Portfolio (or, if such Existing Fund has no Existing Portfolios,
with respect to the Existing Fund itself), (ii) each such Successor Portfolio
shall be deemed a "Portfolio" within the meaning of the Agreement, and (iii)
the corresponding Existing Portfolio shall cease be deemed to be a
"Portfolio" under the Agreement.  As of each applicable Termination Date,
each Existing Portfolio indicated on Schedule I hereto as terminating
operations shall cease to be deemed a "Portfolio" under the Agreement.
      As of the date on which an Existing Fund has no further rights or
obligations under the Agreement, by virtue of (i) all of the rights and
obligations of its Existing Portfolios (or, if such Existing Fund has no
Existing Portfolios, the Existing Fund itself) having been assumed by one or
more Successor Funds and/or (ii) its Existing Portfolios (or, if such Existing
Fund has no Existing Portfolios, the Existing Fund itself) having ceased
operations in connection with a fund combination, such Existing Fund shall
cease to be a party to the Agreement and shall have no rights or obligations
thereunder.
      Additionally, attached as Exhibit A hereto is a replacement of "Exhibit
A" to the Agreement, effective as of the close of business on April 27, 2007.
      Except to the extent expressly set forth herein, this letter shall not be
deemed to otherwise amend or modify any term of the Agreement.
      Please sign below to evidence your consent and agreement to the above.

EACH MANAGEMENT INVESTMENT
COMPANY IDENTIFIED ON SCHEDULE I
HERETO AS A "EXISTING FUND"
OR A "SUCCESSOR FUND"
By:
Name:
Title:

Consented and Agreed to:

STATE STREET BANK AND TRUST COMPANY
By:
Name:		Joseph L. Hooley
Title:		Executive Vice President



Schedule I

FUNDS AND PORTFOLIOS
INVOLVED IN RESTRUCTURINGS
OR FUND COMBINATIONS

Existing Fund
Existing Portfolio
Restructuring,
Fund
Combination
or Other
Cessation of
Operations
Successor Fund
Successor Portfolio
Closing Date or
Termination
Date

(as applicable)






Legg Mason Partners Adjustable
Rate Income Fund (f/k/a SB
Adjustable Rate Income Fund)
n/a
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners
Adjustable Rate Income Fund
4/13/07
Legg Mason Partners Aggressive
Growth Fund, Inc. (f/k/a Smith
Barney Aggressive Growth Fund
Inc.)
n/a
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners
Aggressive Growth Fund
4/13/07
Legg Mason Partners Lifestyle
Series, Inc. (f/k/a Smith Barney
Allocation Series Inc.)
Legg Mason Partners Lifestyle
Allocation 50% (f/k/a Balanced
Portfolio)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Lifestyle
Allocation 50%
4/13/07

Legg Mason Partners Lifestyle
Allocation 30% (f/k/a
Conservative Portfolio)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Lifestyle
Allocation 30%
4/13/07

Legg Mason Partners Lifestyle
Allocation 70% (f/k/a Growth
Portfolio)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Lifestyle
Allocation 70%
4/13/07

Legg Mason Partners Lifestyle
Allocation 85% (f/k/a High
Growth Portfolio)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Lifestyle
Allocation 85%
4/13/07

Legg Mason Partners Lifestyle
Allocation 100%
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Lifestyle
Allocation 100%
4/13/07

Legg Mason Partners Lifestyle
Income Fund (f/k/a Income
Portfolio)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Lifestyle
Income Fund
4/13/07

Legg Mason Partners Variable
Lifestyle Allocation 50% (f/k/a
Select Balanced Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Lifestyle Allocation 50%
4/27/07

Legg Mason Partners Variable
Lifestyle Allocation 70% (f/k/a
Select Growth Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Lifestyle Allocation 70%
4/27/07

Legg Mason Partners Variable
Lifestyle Allocation 85% (f/k/a
Select High Growth Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Lifestyle Allocation 85%
4/27/07
Legg Mason Partners
Appreciation Fund, Inc. (f/k/a
Smith Barney Appreciation Fund
Inc.)

n/a
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners
Appreciation Fund
4/13/07
Legg Mason Partners Arizona
Municipals Fund, Inc. (f/k/a
Smith Barney Arizona
Municipals Fund Inc.)
n/a
Combination

(acquired by Legg
Mason Partners
Managed
Municipals Fund)
n/a
n/a
2/2/07
Legg Mason Partners California
Municipals Fund, Inc. (f/k/a
Smith Barney California
Municipals Fund Inc.)
n/a
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners
California Municipals Fund
4/13/07
Legg Mason Partners Equity
Funds (f/k/a Smith Barney Equity
Funds)
Legg Mason Partners Social
Awareness Fund (f/k/a Smith
Barney Social Awareness Fund)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Social
Awareness Fund
4/13/07
Legg Mason Partners
Fundamental Value Fund, Inc.
(f/k/a Smith Barney Fundamental
Value Fund Inc.)
n/a
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners
Fundamental Value Fund
4/13/07
Legg Mason Partners Funds, Inc.
(f/k/a Smith Barney Funds, Inc.)
Legg Mason Partners Large Cap
Value Fund (f/k/a Smith Barney
Large Cap Value Fund)
Combination

(acquired by Legg
Mason Partners
Investors Value
Fund)
n/a
n/a
3/2/07

Legg Mason Partners U.S.
Government Securities Fund (f/k/a
Smith Barney U.S. Government
Securities Fund)
Combination

(acquired by Legg
Mason Partners
Government
Securities Fund)
n/a
n/a
2/2/07

Legg Mason Partners Short-Term
Investment Grade Bond Fund
(f/k/a Smith Barney Short-Term
Investment Grade Bond Fund)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners Short-
Term Investment Grade Bond
Fund
4/13/07
Legg Mason Partners Income
Funds (f/k/a Smith Barney
Income Funds)
Legg Mason Partners Convertible
Fund (f/k/a SB Convertible Fund)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners
Convertible Fund
4/13/07

Legg Mason Partners Diversified
Strategic Income Fund (f/k/a
Smith Barney Diversified
Strategic Income Fund)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners
Diversified Strategic Income
Fund
4/13/07

Legg Mason Partners Exchange
Reserve Fund (f/k/a Smith Barney
Exchange Reserve Fund)
Combination

(acquired by
Smith Barney
Money Funds-
Cash Portfolio)
n/a
n/a
3/16/07

Legg Mason Partners High
Income Fund (f/k/a Smith Barney
High Income Fund)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners High
Income Fund
4/13/07

Legg Mason Partners Municipal
High Income Fund (f/k/a Smith
Barney Municipal High Income
Fund)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners
Municipal High Income Fund
4/13/07

Legg Mason Partners Capital and
Income Fund (f/k/a SB Capital
and Income Fund)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Capital
and Income Fund
4/13/07

Legg Mason Partners Core Bond
Fund (f/k/a Smith Barney Total
Return Bond Fund)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners Core
Bond Fund
4/13/07
Smith Barney Institutional Cash
Management Fund Inc.
Cash Portfolio
Restructuring
Legg Mason Partners
Institutional Trust
Western Asset Institutional
Money Market Fund
4/13/07

Government Portfolio
Restructuring
Legg Mason Partners
Institutional Trust
Western Asset Institutional
Government Money Market
Fund
4/13/07

Municipal Portfolio
Restructuring
Legg Mason Partners
Institutional Trust
Western Asset Institutional
Municipal Money Market Fund
4/13/07
Legg Mason Partners Investment
Funds, Inc. (f/k/a Smith Barney
Investment Funds Inc.)
Legg Mason Partners Investment
Grade Bond Fund (f/k/a Smith
Barney Investment Grade Bond
Fund)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners
Investment Grade Bond Fund
4/13/07

Legg Mason Partners Multiple
Discipline Funds Large Cap
Growth and Value (f/k/a Smith
Barney Multiple Discipline
Funds-Large Cap Growth and
Value Fund)
Combination

(acquired by Legg
Mason Partners
Multiple
Discipline Funds
All Cap Growth
and Value)
n/a
n/a
2/2/07

Legg Mason Partners Multiple
Discipline Funds All Cap Growth
and Value (f/k/a Smith Barney
Multiple Discipline Funds-All
Cap Growth and Value Fund)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners All Cap
Fund

4/13/07

Legg Mason Partners Multiple
Discipline Funds Global All Cap
Growth and Value (f/k/a Smith
Barney Multiple Discipline
Funds-Global All Cap Growth
and Value Fund)
Combination

(acquired by Legg
Mason Partners
Multiple
Discipline Funds
All Cap Growth
and Value)
n/a
n/a
2/2/07

Legg Mason Partners Multiple
Discipline Funds All Cap and
International (f/k/a Smith Barney
Multiple Discipline Funds-All
Cap and International Fund)
Combination

(acquired by Legg
Mason Partners
Multiple
Discipline Funds
All Cap Growth
and Value)
n/a
n/a
2/2/07

Legg Mason Partners Government
Securities Fund (f/k/a Smith
Barney Government Securities
Fund)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners
Government Securities Fund
4/13/07

Legg Mason Partners Small Cap
Growth Fund (f/k/a Smith Barney
Small Cap Growth Fund)
Combination

(acquired by Legg
Mason Partners
Small Cap Growth
Fund)
n/a
n/a
3/2/07

Legg Mason Partners Small Cap
Value Fund (f/k/a Smith Barney
Small Cap Value Fund)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Small
Cap Value Fund

4/13/07
Legg Mason Partners Investment
Series (f/k/a Smith Barney
Investment Series)
Legg Mason Partners Dividend
Strategy Fund (f/k/a Smith Barney
Dividend Strategy Fund)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Dividend
Strategy Fund
4/13/07

Legg Mason Partners Growth and
Income Fund (f/k/a SB Growth
and Income Fund)
Combination

(acquired by Legg
Mason Partners
Multiple
Discipline Funds
All Cap Growth
and Value)
n/a
n/a
2/2/07

Legg Mason Partners Premier
Selections All Cap Growth
Portfolio (f/k/a Smith Barney
Premier Selections All Cap
Growth Portfolio)
Combination

(acquired by Legg
Mason Partners
Variable
Aggressive
Growth Portfolio)
n/a
n/a
4/27/07

Legg Mason Partners Variable
Growth and Income Portfolio
(f/k/a Smith Barney Growth and
Income Portfolio)
Combination

(acquired by Legg
Mason Partners
Variable
Appreciation
Portfolio)
n/a
n/a
4/27/07

Legg Mason Partners Variable
Government Portfolio (f/k/a SB
Government Portfolio)
Restructuring
Legg Mason Partners Variable
Income Trust
Legg Mason Partners Variable
Government Portfolio
4/27/07

Legg Mason Partners Variable
Dividend Strategy Portfolio (f/k/a
Smith Barney Dividend Strategy
Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Dividend Strategy Portfolio
4/27/07
Legg Mason Partners Investment
Trust (f/k/a Smith Barney
Investment Trust)
Legg Mason Partners Intermediate
Maturity California Municipals
Fund (f/k/a Smith Barney
Intermediate Maturity California
Municipals Fund)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners
Intermediate Maturity
California Municipals Fund
4/13/07

Legg Mason Partners Intermediate
Maturity New York Municipals
Fund (f/k/a Smith Barney
Intermediate Maturity New York
Municipals Fund)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners
Intermediate Maturity New
York Municipals Fund
4/13/07

Legg Mason Partners Large Cap
Growth Fund (f/k/a Smith Barney
Large Capitalization Growth
Fund)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Large
Cap Growth Fund
4/13/07

Legg Mason Partners S&P 500
Index Fund (f/k/a Smith Barney
S&P 500 Index Fund)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners S&P 500
Index Fund
4/13/07

Legg Mason Partners Mid Cap
Core Fund (f/k/a Smith Barney
Mid Cap Core Fund)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Mid Cap
Core Fund
4/13/07

Legg Mason Partners Classic
Values Fund (f/k/a Smith Barney
Classic Values Fund)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Classic
Values Fund
4/13/07
Legg Mason Partners Core Plus
Bond Fund, Inc. (f/k/a Smith
Barney Core Plus Bond Fund
Inc.)
n/a
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners Core Plus
Bond Fund
4/13/07
Legg Mason Partners Managed
Municipals Fund, Inc. (f/k/a
Smith Barney Managed
Municipals Fund Inc.)
n/a
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners Managed
Municipals Fund
4/13/07
Legg Mason Partners
Massachusetts Municipals Fund
(f/k/a Smith Barney
Massachusetts Municipals Fund)
n/a
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners
Massachusetts Municipals
Fund
4/13/07
Smith Barney Money Funds, Inc.
Cash Portfolio
Restructuring
Legg Mason Partners Money
Market Trust
Western Asset Money Market
Fund
4/13/07

Government Portfolio
Restructuring
Legg Mason Partners Money
Market Trust
Western Asset Government
Money Market Fund
4/13/07
Legg Mason Partners Variable
Portfolios IV (f/k/a Smith Barney
Multiple Discipline Trust)
Legg Mason Partners Variable
Multiple Discipline Portfolio-All
Cap Growth and Value (f/k/a
Multiple Discipline Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Multiple Discipline Portfolio-
All Cap Growth and Value
4/27/07

Legg Mason Partners Variable
Multiple Discipline Portfolio-
Large Cap Growth and Value
(f/k/a Multiple Discipline
Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Multiple Discipline Portfolio-
Large Cap Growth and Value
4/27/07

Legg Mason Partners Variable
Multiple Discipline Portfolio-
Global All Cap Growth and Value
(f/k/a Multiple Discipline
Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Multiple Discipline Portfolio-
Global All Cap Growth and
Value
4/27/07

Legg Mason Partners Variable
Multiple Discipline Portfolio-
Balanced All Cap Growth and
Value (f/k/a Multiple Discipline
Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Capital and Income Portfolio
4/27/07
Smith Barney Municipal Money
Market Fund, Inc.
n/a
Restructuring
Legg Mason Partners Money
Market Trust
Western Asset Municipal
Money Market Fund
4/13/07
Legg Mason Partners Municipal
Funds (f/k/a Smith Barney Muni
Funds)
California Money Market
Portfolio
Restructuring
Legg Mason Partners Money
Market Trust
Western Asset California
Municipal Money Market Fund
4/13/07

Legg Mason Partners Florida
Municipals Fund (f/k/a Florida
Portfolio)
Combination

(acquired by Legg
Mason Partners
Managed
Municipals Fund)
n/a
n/a
2/2/07

Legg Mason Partners Georgia
Municipals Fund (f/k/a Georgia
Portfolio)
Combination

(acquired by Legg
Mason Partners
Managed
Municipals Fund)
n/a
n/a
2/2/07

Legg Mason Partners
Intermediate-Term Municipals
Fund (f/k/a Limited Term
Portfolio)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners
Intermediate-Term Municipals
Fund
4/13/07

Legg Mason Partners National
Municipals Fund (f/k/a National
Portfolio)
Combination

(acquired by Legg
Mason Partners
Managed
Municipals Fund)
n/a
n/a
2/2/07

Massachusetts Money Market
Portfolio
Restructuring
Legg Mason Partners Money
Market Trust
Western Asset Massachusetts
Municipal Money Market Fund
4/13/07

New York Money Market
Portfolio
Restructuring
Legg Mason Partners Money
Market Trust
Western Asset New York
Municipal Money Market Fund
4/13/07

Legg Mason Partners New York
Municipals Fund (f/k/a New York
Portfolio)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners New
York Municipals Fund
4/13/07

Legg Mason Partners
Pennsylvania Municipals Fund
(f/k/a Pennsylvania Portfolio)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners
Pennsylvania Municipals Fund
4/13/07
Legg Mason Partners New
Jersey Municipals Fund, Inc.
(f/k/a Smith Barney New Jersey
Municipals Fund Inc.)
n/a
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners New
Jersey Municipals Fund
4/13/07
Legg Mason Partners Oregon
Municipals Fund (f/k/a Smith
Barney Oregon Municipals
Fund)
n/a
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners Oregon
Municipals Fund
4/13/07
Legg Mason Partners Sector
Series, Inc. (f/k/a Smith Barney
Sector Series Inc.)
Legg Mason Partners Financial
Services Fund (f/k/a Smith Barney
Financial Services Fund)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Financial
Services Fund
4/13/07

Legg Mason Partners Technology
Fund (f/k/a Smith Barney
Technology Fund)
Combination

(acquired by Legg
Mason Partners
Large Cap Growth
Fund)
n/a
n/a
2/2/07
Legg Mason Partners Small Cap
Core Fund, Inc. (f/k/a Smith
Barney Small Cap Core Fund,
Inc.)
n/a
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Small
Cap Core Fund
4/13/07
Legg Mason Partners World
Funds, Inc. (f/k/a Smith Barney
World Funds)
Legg Mason Partners Inflation
Management Fund (f/k/a Smith
Barney Inflation Management
Fund)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners Inflation
Management Fund
4/13/07

Legg Mason Partners International
All Cap Opportunity Fund (f/k/a
International All Cap Growth
Portfolio)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners
International All Cap
Opportunity Fund
4/13/07
Legg Mason Partners Variable
Portfolios II (f/k/a Greenwich
Street Series Fund)
Legg Mason Partners Variable
Appreciation Portfolio (f/k/a
Appreciation Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Appreciation Portfolio
4/27/07

Legg Mason Partners Variable
Capital and Income Portfolio
(f/k/a Capital and Income
Portfolio)
Combination

(acquired by Legg
Mason Partners
Variable Multiple
Discipline
Portfolio-
Balanced All Cap
Growth and
Value)
n/a
n/a
4/27/07

Legg Mason Partners Variable
Diversified Strategic Income
Portfolio (f/k/a Diversified
Strategic Income Portfolio)
Restructuring
Legg Mason Partners Variable
Income Trust
Legg Mason Partners Variable
Diversified Strategic Income
Portfolio
4/27/07

Legg Mason Partners Variable
Aggressive Growth Portfolio
(f/k/a Salomon Brothers Variable
Aggressive Growth Fund)
Combination

(acquired by Legg
Mason Partners
Variable
Aggressive
Growth Portfolio)
n/a
n/a
4/27/07

Legg Mason Partners Variable
Equity Index Portfolio (f/k/a
Equity Index Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Equity Index Portfolio
4/27/07

Legg Mason Partners Variable
Growth and Income Portfolio
(f/k/a Salomon Brothers Variable
Growth & Income Fund)
Combination

(acquired by Legg
Mason Partners
Variable
Appreciation
Portfolio)
n/a
n/a
4/27/07

Legg Mason Partners Variable
Fundamental Value Portfolio
(f/k/a Fundamental Value
Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Fundamental Value Portfolio
4/27/07
Legg Mason Partners Variable
Portfolios III, Inc. (f/k/a
Travelers Series Fund Inc. )

Legg Mason Partners Variable
Aggressive Growth Portfolio
(f/k/a Smith Barney Aggressive
Growth Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Aggressive Growth Portfolio
4/27/07

Legg Mason Partners Variable
High Income Portfolio (f/k/a Smith
Barney High Income Portfolio)
Restructuring
Legg Mason Partners Variable
Income Trust
Legg Mason Partners Variable
High Income Portfolio
4/27/07

Legg Mason Partners Variable
International All Cap Growth
Portfolio (f/k/a Smith Barney
International All Cap Growth
Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
International All Cap
Opportunity Portfolio
4/27/07

Legg Mason Partners Variable
Large Cap Growth Portfolio (f/k/a
Smith Barney Large
Capitalization Growth Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Large Cap Growth Portfolio
4/27/07

Legg Mason Partners Variable
Large Cap Value Portfolio (f/k/a
Smith Barney Large Cap Value
Portfolio)
Combination

(acquired by Legg
Mason Partners
Variable Investors
Portfolio)
n/a
n/a
4/27/07

Legg Mason Partners Variable
Mid Cap Core Portfolio (f/k/a
Smith Barney Mid Cap Core
Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Mid Cap Core Portfolio
4/27/07

Legg Mason Partners Variable
Money Market Portfolio (f/k/a
Smith Barney Money Market
Portfolio)
Restructuring
Legg Mason Partners Variable
Income Trust
Legg Mason Partners Variable
Money Market Portfolio
4/27/07

Legg Mason Partners Variable
Social Awareness Stock Portfolio
(f/k/a Social Awareness Stock
Portfolio)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Social Awareness Portfolio
4/27/07

Legg Mason Partners Variable
Adjustable Rate Income Portfolio
(f/k/a SB Adjustable Rate Income
Portfolio)
Restructuring
Legg Mason Partners Variable
Income Trust
Legg Mason Partners Variable
Adjustable Rate Income
Portfolio
4/27/07
Legg Mason Partners Equity
Fund, Inc. (f/k/a The Salomon
Brothers Fund Inc)
n/a
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Equity
Fund
4/13/07
Legg Mason Partners Investors
Value Fund, Inc. (f/k/a Salomon
Brothers Investors Value Fund
Inc)
n/a
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Investors
Value Fund
4/13/07
Legg Mason Partners Capital
Fund, Inc. (f/k/a Salomon
Brothers Capital Fund Inc)
n/a
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Capital
Fund
4/13/07
Legg Mason Partners Series
Funds, Inc. (f/k/a Salomon
Brothers Series Funds Inc.)
Legg Mason Partners Balanced
Fund (f/k/a Salomon Brothers
Balanced Fund)
Combination

(acquired by Legg
Mason Partners
Capital and
Income Fund)
n/a
n/a
3/16/07

Legg Mason Partners Global High
Yield Bond Fund (f/k/a Salomon
Brothers High Yield Bond Fund)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners Global
High Yield Bond Fund
4/13/07

Legg Mason Partners New
York Municipal Money Market
Fund (f/k/a Salomon Brothers
NY Municipal Money Mkt
Fund)
Combination

(acquired by
Legg Mason
Partners
Municipal
Funds - New
York Money
Market
Portfolio)
n/a
n/a
3/2/07

Legg Mason Partners Small Cap
Growth Fund I (f/k/a Salomon
Brothers Small Cap Growth Fund)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Small
Cap Growth Fund
4/13/07

Legg Mason Partners Strategic
Bond Fund (f/k/a Salomon
Brothers Strategic Bond Fund)
Combination

(acquired by Legg
Mason Partners
Diversified
Strategic Income
Fund)
n/a
n/a
3/2/07

Legg Mason Partners
Short/Intermediate U.S.
Government Fund (f/k/a Salomon
Brothers Short/Intermediate US
Government Fund)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners
Short/Intermediate U.S.
Government Fund
4/13/07
Western Asset Funds II, Inc.
(f/k/a Salomon Brothers
Institutional Series Funds Inc.)

Western Asset Global High Yield
Bond Portfolio (f/k/a Salomon
Brothers Institutional High Yield
Bond Fund)
Restructuring
Legg Mason Partners Income
Trust
Western Asset Global High
Yield Bond Portfolio
4/13/07

Western Asset Emerging Market
Debt Portfolio (f/k/a Salomon
Brothers Institutional Emerging
Markets Debt Fund)
Restructuring
Legg Mason Partners Income
Trust
Western Asset Emerging
Markets Debt Portfolio
4/13/07
Legg Mason Partners Variable
Portfolios I, Inc. (f/k/a Salomon
Brothers Variable Series Funds
Inc.)

Legg Mason Partners Variable All
Cap Portfolio (f/k/a Salomon
Brothers Variable All Cap Fund)
Combination

(acquired by Legg
Mason Partners
Variable
Fundamental
Value Portfolio)
n/a
n/a
4/27/07

Legg Mason Partners Variable
Global High Yield Bond Portfolio
(f/k/a Salomon Brothers Variable
High Yield Bond Fund)
Restructuring
Legg Mason Partners Variable
Income Trust
Legg Mason Partners Variable
Global High Yield Bond
Portfolio
4/27/07

Legg Mason Partners Variable
Investors Portfolio (f/k/a Salomon
Brothers Variable Investors Fund)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Investors Portfolio
4/27/07

Legg Mason Partners Variable
Large Cap Growth Portfolio (f/k/a
Salomon Brothers Variable Large
Cap Growth Fund)
Combination

(acquired by Legg
Mason Partners
Variable Large
Cap Growth
Portfolio)
n/a
n/a
4/27/07

Legg Mason Partners Variable
Small Cap Growth Portfolio (f/k/a
Salomon Brothers Variable Small
Cap Growth Fund)
Restructuring
Legg Mason Partners Variable
Equity Trust
Legg Mason Partners Variable
Small Cap Growth Portfolio
4/27/07

Legg Mason Partners Variable
Strategic Bond Portfolio (f/k/a
Salomon Brothers Variable
Strategic Bond Fund)
Restructuring
Legg Mason Partners Variable
Income Trust
Legg Mason Partners Variable
Strategic Bond Portfolio
4/27/07

Legg Mason Partners Variable
Total Return Portfolio (f/k/a
Salomon Brothers Variable Total
Return Fund)
Combination

(acquired by Legg
Mason Partners
Variable Multiple
Discipline
Portfolio-
Balanced All Cap
Growth and
Value)
n/a
n/a
4/27/07
Liquid Reserves Portfolio
n/a
Restructuring
Master Portfolio Trust
Liquid Reserves Portfolio
4/13/07
Tax Free Reserves Portfolio
n/a
Restructuring
Master Portfolio Trust
Tax Free Reserves Portfolio
4/13/07
U.S. Treasury Reserves Portfolio
n/a
Restructuring
Master Portfolio Trust
U.S. Treasury Reserves
Portfolio
4/13/07
CitiFunds Trust I
Legg Mason Partners Emerging
Markets Equity Fund (f/k/a Smith
Barney Emerging Markets Equity
Fund)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Emerging
Markets Equity Fund
4/13/07
Legg Mason Partners Trust II
(f/k/a Smith Barney Trust II)

Legg Mason Partners Capital
Preservation Fund (f/k/a Smith
Barney Capital Preservation
Fund)
Not Restructuring
n/a
n/a
n/a

Legg Mason Partners Capital
Preservation Fund II (f/k/a Smith
Barney Capital Preservation Fund
II)
Not Restructuring
n/a
n/a
n/a

Legg Mason Partners Diversified
Large Cap Growth Fund (f/k/a
Smith Barney Diversified Large
Cap Growth Fund)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners
Diversified Large Cap Growth
Fund
4/13/07

Legg Mason Partners Global
Equity Fund (f/k/a Smith Barney
International Large Cap Fund)
Restructuring
Legg Mason Partners Equity
Trust
Legg Mason Partners Global
Equity Fund
4/13/07

Legg Mason Partners Small Cap
Growth Opportunities Fund (f/k/a
Smith Barney Small Cap Growth
Opportunities Fund)
Combination

(acquired by Legg
Mason Partners
Small Cap Growth
Fund)
n/a
n/a
3/2/07

Legg Mason Partners Short
Duration Municipal Income Fund
(f/k/a Smith Barney Short
Duration Municipal Income Fund)
Restructuring
Legg Mason Partners Income
Trust
Legg Mason Partners Short
Duration Municipal Income
Fund
4/13/07
CitiFunds Trust III
Citi Cash Reserves
Restructuring
Legg Mason Partners Money
Market Trust
Citi Cash Reserves
4/13/07

Citi U.S. Treasury Reserves
Restructuring
Legg Mason Partners Money
Market Trust
Citi U.S. Treasury Reserves
4/13/07

Citi California Tax Free Reserves
Restructuring
Legg Mason Partners Money
Market Trust
Citi California Tax Free
Reserves
4/13/07

Citi Connecticut Tax Free
Reserves
Restructuring
Legg Mason Partners Money
Market Trust
Citi Connecticut Tax Free
Reserves
4/13/07

Citi New York Tax Free Reserves
Restructuring
Legg Mason Partners Money
Market Trust
Citi New York Tax Free
Reserves
4/13/07

Citi Tax Free Reserves
Restructuring
Legg Mason Partners Money
Market Trust
Citi Tax Free Reserves
4/13/07
CitiFunds Institutional Trust

Citi Institutional Liquid Reserves
Restructuring
Legg Mason Partners
Institutional Trust
Citi Institutional Liquid
Reserves
4/13/07

Citi Institutional Cash Reserves
Restructuring
Legg Mason Partners
Institutional Trust
Citi Institutional Cash Reserves
4/13/07

Citi Institutional U.S. Treasury
Reserves
Restructuring
Legg Mason Partners
Institutional Trust
Citi Institutional U.S. Treasury
Reserves
4/13/07

Citi Institutional Tax Free
Reserves
Restructuring
Legg Mason Partners
Institutional Trust
Citi Institutional Tax Free
Reserves
4/13/07

Citi Institutional Enhanced
Income Fund
Restructuring
Legg Mason Partners
Institutional Trust
Citi Institutional Enhanced
Income Fund
4/13/07

SMASh Series M Fund
Restructuring
Legg Mason Partners
Institutional Trust
SMASh Series M Fund
4/13/07

SMASh Series C Fund
Restructuring
Legg Mason Partners
Institutional Trust
SMASh Series C Fund
4/13/07

SMASh Series EC Fund
Restructuring
Legg Mason Partners
Institutional Trust
SMASh Series EC Fund
4/13/07






CitiFunds Premium Trust

Citi Premium Liquid Reserves
Restructuring
Legg Mason Partners Premium
Money Market Trust
Citi Premium Liquid Reserves
4/13/07

Citi Premium U.S. Treasury
Reserves
Restructuring
Legg Mason Partners Premium
Money Market Trust
Citi Premium U.S. Treasury
Reserves
4/13/07
Legg Mason Partners Funds
Trust (f/k/a Salomon Funds
Trust)
Legg Mason Partners National
Tax Free Bond Fund (f/k/a
Salomon Brothers National Tax
Free Bond Fund)
Combination

(acquired by Legg
Mason Partners
Managed
Municipals Fund)
n/a
n/a
3/2/07

Legg Mason Partners California
Tax Free Bond Fund (f/k/a
Salomon Brothers California Tax
Free Bond Fund)
Combination

(acquired by Legg
Mason Partners
California
Municipals Fund)
n/a
n/a
3/2/07

Legg Mason Partners New York
Tax Free Bond Fund (f/k/a
Salomon Brothers New York Tax
Free Bond Fund)
Combination

(acquired by Legg
Mason Partners
New York
Municipals Fund)
n/a
n/a
3/2/07
Institutional Portfolio
Institutional Enhanced Portfolio
Restructuring
Master Portfolio Trust
Institutional Enhanced
Portfolio
4/13/07

Prime Cash Reserves Portfolio
Restructuring
Master Portfolio Trust
Prime Cash Reserves Portfolio
4/13/07

SMASh Series M Portfolio
Restructuring
Master Portfolio Trust
SMASh Series M Portfolio
4/13/07

SMASh Series C Portfolio
Restructuring
Master Portfolio Trust
SMASh Series C Portfolio
4/13/07

SMASh Series EC Portfolio
Restructuring
Master Portfolio Trust
SMASh Series EC Portfolio
4/13/07






Legg Mason Partners Variable
Portfolios V (f/k/a Variable
Annuity Portfolios)

Legg Mason Partners Variable
Small Cap Growth Opportunities
Portfolio (f/k/a Smith Barney
Small Cap Growth Opportunities
Portfolio)
Combination

(acquired by Legg
Mason Partners
Variable Small
Cap Growth
Portfolio)
n/a
n/a
4/27/07




Exhibit A


Legg Mason Partners Equity Trust
Legg Mason Partners Aggressive Growth Fund
Legg Mason Partners All Cap Fund
Legg Mason Partners Appreciation Fund
Legg Mason Partners Capital and Income Fund
Legg Mason Partners Capital Fund
Legg Mason Partners Classic Values Fund
Legg Mason Partners Convertible Fund
Legg Mason Partners Diversified Large Cap Growth Fund
Legg Mason Partners Dividend Strategy Fund
Legg Mason Partners Emerging Markets Equity Fund
Legg Mason Partners Equity Fund
Legg Mason Partners Financial Services Fund
Legg Mason Partners Fundamental Value Fund
Legg Mason Partners Global Equity Fund
Legg Mason Partners International All Cap Opportunity Fund
Legg Mason Partners Investors Value Fund
Legg Mason Partners Large Cap Growth Fund
Legg Mason Partners Lifestyle Allocation 100%
Legg Mason Partners Lifestyle Allocation 85%
Legg Mason Partners Lifestyle Allocation 70%
Legg Mason Partners Lifestyle Allocation 50%
Legg Mason Partners Lifestyle Allocation 30%
Legg Mason Partners Lifestyle Income Fund
Legg Mason Partners Mid Cap Core Fund
Legg Mason Partners S&P 500 Index Fund
Legg Mason Partners Small Cap Core Fund
Legg Mason Partners Small Cap Growth Fund
Legg Mason Partners Small Cap Value Fund
Legg Mason Partners Social Awareness Fund

Legg Mason Partners Income Trust
Legg Mason Partners Adjustable Rate Income Fund
Legg Mason Partners California Municipals Fund
Legg Mason Partners Core Bond Fund
Legg Mason Partners Core Plus Bond Fund
Legg Mason Partners Diversified Strategic Income Fund
Legg Mason Partners Global High Yield Bond Fund
Legg Mason Partners Government Securities Fund
Legg Mason Partners High Income Fund
Legg Mason Partners Inflation Management Fund
Legg Mason Partners Intermediate Maturity California Municipals Fund
Legg Mason Partners Intermediate Maturity New York Municipals Fund
Legg Mason Partners Intermediate-Term Municipals Fund
Legg Mason Partners Investment Grade Bond Fund
Legg Mason Partners Managed Municipals Fund
Legg Mason Partners Massachusetts Municipals Fund
Legg Mason Partners Municipal High Income Fund
Legg Mason Partners New Jersey Municipals Fund
Legg Mason Partners New York Municipals Fund
Legg Mason Partners Oregon Municipals Fund
Legg Mason Partners Pennsylvania Municipals Fund
Legg Mason Partners Short Duration Municipal Income Fund
Legg Mason Partners Short/Intermediate U.S. Government Fund
Legg Mason Partners Short-Term Investment Grade Bond Fund
Western Asset Emerging Markets Debt Portfolio
Western Asset Global High Yield Bond Portfolio

Legg Mason Partners Variable Equity Trust
Legg Mason Partners Variable Aggressive Growth Portfolio
Legg Mason Partners Variable Appreciation Portfolio
Legg Mason Partners Variable Capital and Income Portfolio
Legg Mason Partners Variable Dividend Strategy Portfolio
Legg Mason Partners Variable Equity Index Portfolio
Legg Mason Partners Variable Fundamental Value Portfolio
Legg Mason Partners Variable International All Cap Opportunity Portfolio
Legg Mason Partners Variable Investors Portfolio
Legg Mason Partners Variable Large Cap Growth Portfolio
Legg Mason Partners Variable Lifestyle Allocation 50%
Legg Mason Partners Variable Lifestyle Allocation 70%
Legg Mason Partners Variable Lifestyle Allocation 85%
Legg Mason Partners Variable Mid Cap Core Portfolio
Legg Mason Partners Variable Multiple Discipline Portfolio-All Cap Growth
 and Value
Legg Mason Partners Variable Multiple Discipline Portfolio-Global All Cap
 Growth and Value
Legg Mason Partners Variable Multiple Discipline Portfolio-Large Cap Growth
 and Value
Legg Mason Partners Variable Small Cap Growth Portfolio
Legg Mason Partners Variable Social Awareness Portfolio

Legg Mason Partners Variable Income Trust
Legg Mason Partners Variable Adjustable Rate Income Portfolio
Legg Mason Partners Variable Diversified Strategic Income Portfolio
Legg Mason Partners Variable Global High Yield Bond Portfolio
Legg Mason Partners Variable Government Portfolio
Legg Mason Partners Variable High Income Portfolio
Legg Mason Partners Variable Money Market Portfolio
Legg Mason Partners Variable Strategic Bond Portfolio



Legg Mason Partners Money Market Trust
Citi California Tax Free Reserves
Citi Cash Reserves
Citi Connecticut Tax Free Reserves
Citi New York Tax Free Reserves
Citi Tax Free Reserves
Citi U.S. Treasury Reserves
Western Asset California Municipal Money Market Fund
Western Asset Government Money Market Fund
Western Asset Massachusetts Municipal Money Market Fund
Western Asset Money Market Fund
Western Asset Municipal Money Market Fund
Western Asset New York Municipal Money Market Fund

Legg Mason Partners Institutional Trust
Citi Institutional Cash Reserves
Citi Institutional Enhanced Income Fund
Citi Institutional Liquid Reserves
Citi Institutional Tax Free Reserves
Citi Institutional U.S. Treasury Reserves
SMASh Series C Fund
SMASh Series EC Fund
SMASh Series M Fund
Western Asset Institutional Government Money Market Fund
Western Asset Institutional Money Market Fund
Western Asset Institutional Municipal Money Market Fund

Legg Mason Partners Premium Money Market Trust
Citi Premium Liquid Reserves
Citi Premium U.S. Treasury Reserves

Master Portfolio Trust
Liquid Reserves Portfolio
U.S. Treasury Reserves Portfolio
Tax Free Reserves Portfolio
Prime Cash Reserves Portfolio
Institutional Enhanced Portfolio
SMASh Series M Portfolio
SMASh Series C Portfolio
SMASh Series EC Portfolio

Legg Mason Partners Trust II
Legg Mason Partners Capital Preservation Fund
Legg Mason Partners Capital Preservation Fund II

Western Asset Intermediate Muni Fund Inc.
Western Asset High Income Opportunity Fund Inc.
Western Asset Managed High Income Fund Inc.
Western Asset Managed Municipals Portfolio Inc.
Western Asset Municipal High Income Fund Inc.
LMP Real Estate Income Fund Inc.
LMP Corporate Loan Fund Inc.
Western Asset Zenix Income Fund Inc.
Barrett Opportunity Fund, Inc.
Western Asset Emerging Markets Debt Fund Inc.
Western Asset Emerging Markets Income Fund Inc.
Western Asset Emerging Markets Income Fund II Inc.
Western Asset Emerging Markets Floating Rate Fund Inc.
LMP Capital & Income Fund Inc.
Western Asset Global Partners Income Fund Inc.
Western Asset Global High Income Fund Inc.
Western Asset High Income Fund Inc.
Western Asset High Income Fund II Inc.
Western Asset Inflation Management Fund Inc.
Western Asset Worldwide Income Fund Inc.
Western Asset 2008 Worldwide Dollar Government Term Trust Inc.
Western Asset Municipal Partners Fund Inc.
Western Asset Municipal Partners Fund II Inc.
Western Asset Variable Rate Strategic Fund Inc.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>4
<FILENAME>item77q1invpolicies.txt
<TEXT>
Changes to Investment Policies Relating to Investments in Derivative
Instruments Announced

NEW YORK - (BUSINESS WIRE) - May 23, 2007
Western Asset 2008 Worldwide Dollar Government Term Trust Inc. (NYSE:
SBG), Western Asset High Income Fund Inc. (NYSE: HIF), Western Asset
High Income Opportunity Fund Inc. (NYSE: HIO), Western Asset
Intermediate Muni Fund Inc. (AMEX: SBI), Western Asset Managed High
Income Fund Inc. (NYSE: MHY), Western Asset Managed Municipals Fund Inc.
(NYSE: MMU), Western Asset Municipal High Income Fund Inc. (NYSE: MHF)
and Western Asset Zenix Income Fund Inc. (NYSE:ZIF) today announced
changes, to be effective as of June 1, 2007, to their non-fundamental
investment policies relating to the Funds' ability to invest in
derivative instruments.
Under the Funds' amended investment policies approved by the Boards of
Directors, each Fund may use a variety of derivative instruments for
investment purposes as well as for hedging or risk-management purposes.
Previously, the Funds had been limited to the use of derivative
instruments for hedging and risk-management purposes only.
The management of each Fund recommended to the respective Fund's Board
the revised investment policies with regard to the use of derivatives.
On May 17, 2007, the Boards of the Funds approved this change in order
to provide Legg Mason Partners Fund Advisor, LLC, the Funds' investment
manager ("LMPFA"), and Western Asset Management Company, the Funds'
subadviser ("Western Asset"), greater flexibility in making investment
decisions, after considering the best interests of the Funds'
shareholders based upon management's advice that the additional ability
to use derivatives for investing as well as hedging purposes will allow
LMPFA and Western Asset greater flexibility and opportunity to seek to
achieve each Fund's investment objectives.  Examples of derivative
instruments that the Funds may use include futures contracts, credit
default swaps, credit default swap index securities, swap agreements and
options on those instruments.
Management believes that Western Asset has extensive resources and
capabilities involving derivatives.  However, shareholders and potential
investors should consider that derivatives are financial instruments the
value of which depends upon, or is derived from, the value of something
else, such as one or more underlying investments, indexes or currencies.
Derivatives may be traded on organized exchanges or in individually
negotiated transactions with other parties (these are known as "over the
counter" derivatives).  Investors should note that derivatives can be
illiquid, may disproportionately increase losses and could have a
potentially large impact on Fund performance.  Western Asset will not
use derivatives for the purpose of leverage but will rather maintain
segregated accounts to cover the Funds' obligations relating to the
purchase of derivatives or otherwise comply with the Funds' investment
restrictions regarding leverage in connection with such investments.
The successful use of derivatives requires sophisticated management,
and, to the extent that derivatives are used, a Fund will depend on
Western Asset's ability to analyze and manage derivatives transactions.
The prices of derivatives may move in unexpected ways, especially in
abnormal market conditions. Some derivatives are "leveraged" and
therefore may magnify or otherwise increase investment losses to a Fund.
A Fund's use of derivatives may also increase the amount of taxes
payable by shareholders.
Each Fund's use of derivative instruments involves risks different from,
or possibly greater than, the risks associated with investment directly
in securities and other more traditional investments.  A Fund's ability
to pursue certain of these strategies may be limited by applicable
regulations of the Commodity Futures Trading Commission ("CFTC") and the
federal income tax requirements applicable to regulated investment
companies.
As part of its strategies, each Fund may purchase and sell futures
contracts, purchase and sell (or write) exchange-listed and over-the-
counter put and call options on securities, financial indices and
futures contracts, enter into interest rate and currency transactions
and enter into other similar transactions which may be developed in the
future to the extent Western Asset determines that they are consistent
with the Fund's investment objectives and policies and applicable
regulatory requirements (collectively, "derivative transactions").  Each
Fund may use any or all of these techniques at any time, and the use of
any particular derivative transaction will depend on market conditions.
Derivative transactions present certain risks.  In particular, the
variable degree of correlation between price movements of instruments a
Fund has purchased or sold and price movements in the position being
hedged creates the possibility that losses on the hedge may be greater
than gains in the value of the Fund's position.  In addition, certain
derivative instruments and markets may not be liquid in all
circumstances.  As a result, in volatile markets, a Fund may not be able
to close out a transaction without incurring losses substantially
greater than the initial deposit.  Although the contemplated use of
these instruments should tend to minimize the risk of loss due to a
decline in the value of the hedged position, at the same time they may
tend to limit any potential gain which might result from an increase in
the value of such position.
Successful use of derivative transactions by a Fund is, in part, subject
to the ability of Western Asset to predict correctly factors affecting
markets for securities, such as interest rates and credit ratings.
These skills are different from those needed to select portfolio
securities.  If Western Asset's expectations are not met, a Fund would
be in a worse position than if a derivative transaction had not been
pursued.  For example, if a Fund hedged against the possibility of an
increase in interest rates which would adversely affect the price of
securities in its portfolio and the price of such securities increased
instead, the Fund would lose part or all of the benefit of the increased
value of its securities because it would have offsetting losses in its
futures positions.  Losses due to derivative transactions will reduce
net asset value.
Derivatives are also subject to a number of additional risks such as
liquidity risk, interest rate risk, credit risk, leveraging risk and
management risk.  Although derivative instruments are usually as liquid,
or more liquid than cash instruments, there can be no assurance that
such liquidity would prevail in all market conditions.  They also
involve the risk of mispricing or improper valuation and the risk that
changes in the value of a derivative may not correlate perfectly with an
underlying asset, interest rate or index.  Suitable derivative
transactions may not be available in all circumstances and there can be
no assurance that a Fund will engage in these transactions to reduce
exposure to other risks when that would be beneficial.  If a Fund
invests in a derivative instrument, it could lose more than the
principal amount invested.  Also, suitable derivative transactions may
not be available in all circumstances and there can be no assurance that
a Fund will engage in these transactions to reduce exposure to other
risks when that would be beneficial.  Although the use of derivatives
may decrease the amount of taxes payable by shareholders, the use of
derivatives may also increase that amount.  In addition to the risks
applicable to derivatives generally, credit default swaps involve
special risks because they are difficult to value, are highly
susceptible to liquidity and credit risk and generally pay a return to
the party that has paid the premium only in the event of an actual
default by the issuer of the underlying obligation (as opposed to a
credit downgrade or other indication of financial difficulty).
Each of the Funds is a closed-end investment company managed by Legg
Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg
Mason, Inc., and sub-advised by Western Asset Management Company, an
affiliate of the investment manager.
For more information on the Funds, please contact our Investor Relations
Group at 1-888-777-0102 or consult the Funds' web site at
www.leggmason.com/InvestorServices.
Symbols:  NYSE: HIF; HIO; MHF; MHY; MMU; SBG; ZIF;  AMEX: SBI

Contact:
Legg Mason & Co., LLC
Brenda Grandell
Director, Closed-End Funds
212-291-3775

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
