An improvement of an inclined shaft-type variable displacement pump/motor in which pistons reciprocate in cylinders. A valve plate member is constructed from valve plates having a first valve plate and a second valve plate. The valve plate member is interposed between a block-side sliding surface of a cylinder block and a guide recess surface of a case with slide surfaces of the valve plates made to be in slidable intimate contact with each other. The three components, which are the cylinder block, the valve plate member, and the case, are all kept in intimate contact with each other.
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