MANAGEMENT AGREEMENT

              Legg Mason Partners Fund Advisor, LLC



    This MANAGEMENT AGREEMENT ("Agreement") is made this 1st day

of August, 2006, by and between Legg Mason Partners Investment

Funds, Inc. (the "Corporation") and Legg Mason Partners Fund

Advisor, LLC, a Delaware limited liability company (the

"Manager").



    WHEREAS, the Corporation is registered as a management

investment company under the Investment Company Act of 1940, as

amended (the "1940 Act");



    WHEREAS, the Manager is engaged primarily in rendering

investment advisory, management and administrative services and

is registered as an investment adviser under the Investment

Advisers Act of 1940, as amended;



    WHEREAS, the Corporation wishes to retain the Manager to

provide investment advisory, management, and administrative

services to the Corporation with respect to the series of the

Corporation designated in Schedule A annexed hereto (the "Fund");

and



    WHEREAS, the Manager is willing to furnish such services on

the terms and conditions hereinafter set forth;



    NOW THEREFORE, in consideration of the promises and mutual

covenants herein contained, it is agreed as follows:



     1.   The Corporation hereby appoints the Manager to act as

investment adviser and administrator of the Fund for the period

and on the terms set forth in this Agreement.  The Manager

accepts such appointment and agrees to render the services herein

set forth, for the compensation herein provided.



     2.   The Fund shall at all times keep the Manager fully informed

with regard to the securities owned by it, its funds available,

or to become available, for investment, and generally as to the

condition of its affairs.  It shall furnish the Manager with such

other documents and information with regard to its affairs as the

Manager may from time to time reasonably request.





     3.   (a)  Subject to the supervision of the Corporation's

Board of Directors (the "Board"), the Manager shall regularly

provide the Fund with investment research, advice, management and

supervision and shall furnish a continuous investment program for

the Fund's portfolio of securities and other investments

consistent with the Fund's investment objectives, policies and

restrictions, as stated in the Fund's current Prospectus and

Statement of Additional Information.  The Manager shall determine

from time to time what securities and other investments will be

purchased, retained, sold or exchanged by the Fund and what

portion of the assets of the Fund's portfolio will be held in the

various securities and other investments in which the Fund

invests, and shall implement those decisions, all subject to the

provisions of the Corporation's Articles of Incorporation and By-

Laws (collectively, the "Governing Documents"), the 1940 Act, and

the applicable rules and regulations promulgated thereunder by

the Securities and Exchange Commission (the "SEC") and

interpretive guidance issued thereunder by the SEC staff and any

other applicable federal and state law, as well as the investment

objectives, policies and restrictions of the Fund referred to

above, and any other specific policies adopted by the Board and

disclosed to the Manager.  The Manager is authorized as the agent

of the Corporation to give instructions to the custodian of the

Fund as to deliveries of securities and other investments and

payments of cash for the account of the Fund.  Subject to

applicable provisions of the 1940 Act and direction from the

Board, the investment program to be provided hereunder may entail

the investment of all or substantially all of the assets of a

Fund in one or more investment companies.  The Manager will place

orders pursuant to its investment determinations for the Fund

either directly with the issuer or with any broker or dealer,

foreign currency dealer, futures commission merchant or others

selected by it.  In connection with the selection of such brokers

or dealers and the placing of such orders, subject to applicable

law, brokers or dealers may be selected who also provide

brokerage and research services (as those terms are defined in

Section 28(e) of the Securities Exchange Act of 1934, as amended

(the "Exchange Act")) to the Funds and/or the other accounts over

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