EX-99.G2 8 dex99g2.htm LETTER AGREEMENT Letter Agreement

Exhibit (g)(2)

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 Agreement 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

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 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

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 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

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 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

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 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

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 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

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 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

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 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

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 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

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 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

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 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

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 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

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 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

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 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

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 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

Existing Fund

  

Existing Portfolio

  

Restructuring, Fund
Combination

or Other Cessation

of Operations

 

Successor Fund

  

Successor Portfolio

  

Closing Date or
Termination
Date

(as applicable)

  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

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 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

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 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

Existing Fund

  

Existing Portfolio

  

Restructuring, Fund
Combination
or Other Cessation
of Operations

  

Successor Fund

  

Successor Portfolio

  

Closing Date or
Termination
Date

(as applicable)

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

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 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

 

-2-

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.

 

-3-

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.

 

-4-