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The law firm of Milberg LLP is investigating Smith Barney Asset Management LLC over alleged false and misleading statements and omissions relating to a contract for transfer agent services.
Milberg is investigating whether Smith Barney fund managers violated their fiduciary responsibilities to their clients. Smith Barney contracted a transfer agent to handle administrative work for their funds. Then Smith Barney decided to bring the work in-house because it was cheaper, but the original transfer agent offered a tremendous discount to remain the primary servicer. Smith Barney accepted the discounted services and never passed on the administrative savings to the fund shareholders.
The following mutual funds are part of our investigation:
| Former Name | Renamed | Symbol(s) |
| Citi S&P 500 Index D | Legg Mason Batterymarch S&P 500 Index Fund | SBSDX |
| Salomon Brothers All Cap Value Fund | - | SUBAX, SUBBX, SUBZX |
| Salomon Brothers Balanced Fund | - | STRAX, STRBX, STRCX |
| Salomon Brothers California Tax Free Bond Fund | - | CCAIX, SCUBX, SCULX |
| Salomon Brothers Capital Fund | Legg Mason ClearBridge Capital Fund | SCCAX, SCCCX, SPABX |
| Salomon Brothers High Yield Bond | Western Asset Global High Yield Bond Fund | SAHYX, SBHYX, SHYCX, SHYOX |
| Salomon Brothers International Equity Fund | - | SAIBX, SAICX, SAIEX |
| Salomon Brothers Investors Value Fund | Legg Mason ClearBridge Large Cap Value Fund | SAIFX, SBINX, SINOX, SINAX |
| Salomon Brothers Large Cap Growth Fund | - | SALBX, SALCX, SLCAX |
| Salomon Brothers Mid Cap Fund | - | SMDAX, SMDBX, SMDZX |
| Salomon Brothers National Tax Free Bond Fund | - | CFNIX, SNABX, SNALX |
| Salomon Brothers New York Tax Free Bond Fund | - | CFTNX, SNFBX, SNFLX |
| Salomon Brothers SB Adjustable Rate Income Fund | - | SJRAX, SJRBX, SJRZX |
| Salomon Brothers SB Capital and Income Fund | - | SOLAX, SOLBX, SOLZX |
| Salomon Brothers SB Convertible Fund | - | SCEZX, SVEAX, SVEBX |
| Salomon Brothers SB Growth & Income Fund | - | SSWAX, SSWBX, SSWZX |
| Salomon Brothers Short/Intermediate U.S. Government Fund | Legg Mason Short/Intermediate U.S. Government Bond Fund | SUSAX, SUSBX, SUSCX |
| Salomon Brothers Small Cap Growth | Legg Mason ClearBridge Small Cap Growth Fund | SASMX, SBPYX, SBSMX, SCSMX |
| Salomon Brothers Strategic Bond Fund | - | SBSBX, SSTAX, SSTCX |
| SB Government Portfolio | Legg Mason Partners Variable Government Portfolio | - |
| Smith Barney Aggressive Growth Fund | Legg Mason ClearBridge Aggressive Growth Fund | SAGBX, SAGCX, SAGYX, SHRAX |
| Smith Barney All Cap Growth and Value Fund | Legg Mason Capital Management All Cap Fund | SPAAX, SPBBX, SPBLX |
| Smith Barney Appreciation Fund | Legg Mason ClearBridge Appreciation Fund | SAPYX, SAPBX, SAPCX, SHAPX |
| Smith Barney Arizona Municipals Fund | - | SAZBX, SAZLX, SLAZX |
| Smith Barney Balanced Portfolio | Legg Mason Lifestyle Allocation 50% | SBBAX, SCBBX, SCBCX |
| Smith Barney California Municipals Fund | Legg Mason Western Asset California Municipals Fund | SCABX, SCACX, SHRCX |
| Smith Barney Capital Preservation Fund | Legg Mason Partners Capital Preservation Fund | - |
| Smith Barney Capital Preservation Fund II | Legg Mason Partners Capital Preservation Fund II | - |
| Smith Barney Classic Values Fund | - | SCLAX, SCLBX, SCLLX |
| Smith Barney Connecticut Money Market Portfolio | Western Asset / Citi Connecticut Tax Free Reserves | CNNXX |
| Smith Barney Conservative Portfolio | Legg Mason Lifestyle Allocation 30% | SBCBX, SBCLX, SBCPX |
| Smith Barney Diversified Large Cap Growth Fund | Legg Mason ClearBridge Diversified Large Cap Growth Fund | CFLGX |
| Smith Barney Diversified Strategic Income Fund | Legg Mason Western Asset Strategic Income Fund | SDSAX, SDSIX, SLDSX |
| Smith Barney Dividend and Income Fund | - | SBBLX, SLSUX, SUTAX |
| Smith Barney Financial Services Fund | Legg Mason Investment Counsel Financial Services Fund | SBFAX, SBFBX, SFSLX |
| Smith Barney Florida Portfolio | - | FLABX, SBFLX, SFLLX |
| Smith Barney Fundamental Value Fund | Legg Mason ClearBridge Fundamental All Cap Value Fund | SFVBX, SFVCX, SHFVX |
| Smith Barney Georgia Portfolio | - | SBGAX, SBRBX, SGALX |
| Smith Barney Global All Cap Growth and Value Fund | - | SPGAX, SPGGX, SPGLX |
| Smith Barney Global Government Bond Portfolio | Legg Mason Western Asset Global Inflation Management Fund | SBGLX |
| Smith Barney Global Portfolio | - | CAGAX, CAGBX, SGPLX |
| Smith Barney Government Portfolio | - | - |
| Smith Barney Government Securities Fund | Legg Mason Western Asset Government Securities Fund | HGVSX, SGSLX, SGVAX |
| Smith Barney Group Spectrum Fund | - | SFTLX, SGSAX, SGSBX |
| Smith Barney Growth Portfolio | Legg Mason Lifestyle Allocation 70% | SCGCX, SCGRX, SGRBX |
| Smith Barney Hansberger Global Value Fund | Legg Mason Partners Hansberger Global Value Fund | SGLAX, SGLBX, SGLCX |
| Smith Barney Health Sciences Fund | - | SBHBX, SBHLX, SBIAX |
| Smith Barney High Growth Portfolio | Legg Mason Lifestyle Allocation 85% | SCHAX, SCHBX, SCHCX |
| Smith Barney High Income Fund | Legg Mason Western Asset High Income Fund | SHIAX, SHIBX, SHICX |
| Smith Barney Income Portfolio | Legg Mason Lifestyle Income Fund | SCAAX, SCIAX, SCILX |
| Smith Barney Intermediate Maturity CA Municipals Fund | Legg Mason Western Asset Intermediate Maturity California Municipals Fund | ITCAX, STDBX, SIMLX |
| Smith Barney Intermediate Maturity NY Municipals Fund | Legg Mason Western Asset Intermediate Maturity New York Municipals Fund | IMNYX, SINLX, SNMBX |
| Smith Barney International All Cap Growth Portfolio | Legg Mason Global Currents International All Cap Opportunity Fund | SBIBX, SBICX, SBIEX, SBIYX |
| Smith Barney International Fund | Legg Mason Partners International Large Cap Fund | - |
| Smith Barney International Large Cap Fund | Legg Mason Batterymarch Global Equity Fund | CFIPX, SILCX, SILLX |
| Smith Barney Investment Grade Bond Fund | Legg Mason Western Asset Corporate Bond Fund | HBDIX, SBILX, SIGAX, SIGYX |
| Smith Barney Investment Trust | Dec-2001 Smith Barney Investment Trust – Smith Barney International Index Fund | - |
| Smith Barney Large Cap Core Fund | Legg Mason ClearBridge Dividend Strategy Fund | GROAX, GROBX, SCPLX |
| Smith Barney Large Cap Growth and Value Fund | - | SPSAX, SPSBX, SPSLX |
| Smith Barney Large Cap Value Fund | - | SBCCX, SBCIX, SBGCX |
| Smith Barney Large Capitalization Growth Fund | Legg Mason ClearBridge Large Cap Growth Fund | SBLBX, SBLGX, SBLYX, SLCCX |
| Smith Barney Limited Term Portfolio | Legg Mason Western Asset Intermediate-Term Municipals Fund | SBLTX, SMLLX, STMBX |
| Smith Barney Managed Governments Fund | Legg Mason Western Asset Core Plus Bond Fund | MGVBX, SHMGX, SMGLX |
| Smith Barney Managed Municipals Fund | Legg Mason Western Asset Managed Municipals Fund | SHMMX, SMMBX, SMMCX, SMMYX |
| Smith Barney Massachusetts Municipals Fund | Legg Mason Western Asset Massachusetts Municipals Fund | SLMMX, SMABX, SMALX |
| Smith Barney Mid Cap Core Fund | Legg Mason ClearBridge Mid Cap Core Fund | SBMAX, SBMDX, SBMLX, SMBYX |
| Smith Barney Municipal High Income Fund | Legg Mason Western Asset Municipal High Income Fund | LMHIX, SMHLX, STXAX, SXMTX |
| Smith Barney National Portfolio | - | SBBNX, SBNBX, SBNLX |
| Smith Barney New Jersey Municipals Fund | Legg Mason Western Asset New Jersey Municipals Fund | LNJIX, SHNJX, SNJBX, SNJLX |
| Smith Barney New York Money Market Portfolio | - | - |
| Smith Barney New York Portfolio | Legg Mason Western Asset New York Municipals Fund | SNPYX, SBNYX, SBYLX, SMNBX |
| Smith Barney Oregon Municipals Fund | Legg Mason Western Asset Oregon Municipals Fund | LMOOX, SHORX, SORBX, SORLX |
| Smith Barney Pennsylvania Portfolio | Legg Mason Western Asset Pennsylvania Municipals Fund | SBPAX, SBPBX, SPALX |
| Smith Barney Premier Selections All Cap Growth Fund | - | - |
| Smith Barney Premier Selections Fund | - | - |
| Smith Barney Premier Selections Large Cap Fund | - | - |
| Smith Barney Principal Return Fund | Feb-2000 Smith Barney Principal Return Fund – Zeroes + Emerging Growth Series 2000 | - |
| Smith Barney Principal Return Fund – Security and Growth Fund | - | - |
| Smith Barney Real Return Strategy Fund | Legg Mason Partners Real Return Strategy Fund | - |
| Smith Barney S&P 500 Index Fund | - | - |
| Smith Barney SB Adjustable Rate Income Fund | Legg Mason Western Asset Adjustable Rate Income Fund | ARMBX, ARMGX, ARMZX |
| Smith Barney SB Capital and Income Fund | Legg Mason ClearBridge Equity Income Builder Fund | SBPLX, SOPAX, SOPTX |
| Smith Barney SB Convertible Fund | Legg Mason ClearBridge Convertible Fund | SCRAX, SCVSX, SCVYX, SMCLX |
| Smith Barney SB Growth & Income Fund | - | BRIBX, GRIAX, SGAIX |
| Smith Barney Sector Series Inc | Mar-2002 Consulting Group Capital Markets Fund (CGCM) – Global Sciences and Technology Investments | - |
| Smith Barney Security & Growth Fund | - | - |
| Smith Barney Short Duration Municipal Income Fund | Legg Mason Western Asset Short Duration Municipal Income Fund | SHDAX, SHDLX, SMDYX |
| Smith Barney Short-Term High Grade Bond Fund | - | - |
| Smith Barney Short-Term Investment Grade Bond Fund | Legg Mason Western Asset Short-Term Bond Fund | SBSTX, SBSYX, SSTLX, SHBBX |
| Smith Barney Small Cap Core Fund | Legg Mason Partners Small Cap Core | SBDBX, SBDLX, SBDSX |
| Smith Barney Small Cap Growth Opportunities Fund | - | CFSGX, SGOLX, SMOBX |
| Smith Barney Small Cap Value Fund | Legg Mason ClearBridge Small Cap Value Fund | SBVAX, SBVBX, SBVLX, SMCYX |
| Smith Barney Social Awareness Fund | Legg Mason Investment Counsel Social Awareness Fund | SESIX, SESLX, SSIAX |
| Smith Barney Technology Fund | - | SBQLX, SBTAX, SBTBX |
| Smith Barney Telecommunications Income Fund | Apr-2003 Smith Barney Sector Series Inc. – Smith Barney Global Media & Telecommunications Fund | - |
| Smith Barney Telecommunications Trust | Mar-2004 Smith Barney Telecommunications Trust – Smith Barney Telecommunications Income Fund | - |
| Smith Barney Total Return Bond Fund | Legg Mason Western Asset Core Bond Fund | SBTLX, TRBAX, TRBBX |
| Smith Barney U.S. Government Securities Fund | - | SBCGX, SBULX |
| Smith Barney Variable Account Funds Inc. | Dec-2001 Smith Barney Variable Account Funds Inc. – Income & Growth Portfolio | - |
| Smith Barney California Money Market Portfolio | California Money Market Portfolio | - |
If you purchased any of the listed Smith Barney Mutual Funds and would like to learn more about this investigation, please fill out the form on the right or contact the following attorney:
Andrei Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: arado@milberg.com
Milberg LLP has been representing defrauded consumers and investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website for more information about the Firm.
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