0000929638-06-000557 Sample Contracts

SUBADVISORY AGREEMENT
Subadvisory Agreement • December 29th, 2006 • Liquid Reserves Portfolio • New York

This SUBADVISORY AGREEMENT (“Agreement”) is made this 1st day of August, 2006, by and between Legg Mason Partners Fund Advisor, LLC, a Delaware limited liability company (the “Manager”), and Western Asset Management Company, a California corporation (the “Subadviser”).

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MANAGEMENT AGREEMENT Legg Mason Partners Fund Advisor, LLC
Management Agreement • December 29th, 2006 • Liquid Reserves Portfolio • New York

This MANAGEMENT AGREEMENT (“Agreement") is made this 1st day of August, 2006, by and between Liquid Reserves Portfolio (the “Fund”) and Legg Mason Partners Fund Advisor, LLC, a Delaware limited liability company (the “Manager”).

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