UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2008 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Smith Barney Fund Management, LLC Address: 620 8th Avenue New York, NY 10018 13F File Number: 28-4024 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Terrence Murphy Title: Chief Operating Officer Phone: 212-805-2112 Signature, Place, and Date of Signing: Terrence Murphy New York, NY May 15, 2008 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form13F Information Table Entry Total: 51 Form13F Information Table Value Total: $46,584 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. No. 13F File Number Name 1 28-1700 Legg Mason, Inc. FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ABBOTT LABS COM 002824100 954 17300 SH DEFINED 1 17300 0 0 AFLAC INC COM 001055102 922 14200 SH DEFINED 1 14200 0 0 AIR PRODS & CHEMS INC COM 009158106 749 8140 SH DEFINED 1 8140 0 0 ALTRIA GROUP INC COM 02209S103 537 24200 SH DEFINED 1 24200 0 0 AMERICAN EXPRESS CO COM 025816109 1329 30400 SH DEFINED 1 30400 0 0 AMERICAN INTL GROUP INC COM 026874107 852 19700 SH DEFINED 1 19700 0 0 AT&T INC COM 00206R102 2048 53485 SH DEFINED 1 53485 0 0 AVERY DENNISON CORP COM 053611109 640 13000 SH DEFINED 1 13000 0 0 BANK OF AMERICA CORPORATION COM 060505104 1005 26500 SH DEFINED 1 26500 0 0 BANK OF NEW YORK MELLON CORP COM 064058100 508 12164 SH DEFINED 1 12164 0 0 BOEING CO COM 097023105 521 7000 SH DEFINED 1 7000 0 0 CAPITAL ONE FINL CORP COM 14040H105 1221 24800 SH DEFINED 1 24800 0 0 CHUBB CORP COM 171232101 666 13460 SH DEFINED 1 13460 0 0 DU PONT E I DE NEMOURS & CO COM 263534109 823 17600 SH DEFINED 1 17600 0 0 ECHOSTAR CORP CL A 278768106 134 4540 SH DEFINED 1 4540 0 0 EMBARQ CORP COM 29078E105 788 19657 SH DEFINED 1 19657 0 0 GENERAL ELECTRIC CO COM 369604103 2513 67900 SH DEFINED 1 67900 0 0 HOME DEPOT INC COM 437076102 702 25100 SH DEFINED 1 25100 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 875 7600 SH DEFINED 1 7600 0 0 JP MORGAN CHASE & CO COM 46625H100 1426 33200 SH DEFINED 1 33200 0 0 KIMBERLY CLARK CORP COM 494368103 1123 17400 SH DEFINED 1 17400 0 0 KRAFT FOODS INC CL A 50075N104 587 18945 SH DEFINED 1 18945 0 0 LEHMAN BROS HLDGS INC COM 524908100 428 11370 SH DEFINED 1 11370 0 0 LIBERTY MEDIA CORP NEW ENT COM SER A 53071M500 831 36700 SH DEFINED 1 36700 0 0 LIBERTY MEDIA CORP NEW INT COM SER A 53071M104 605 37492 SH DEFINED 1 37492 0 0 LOEWS CORP COM 540424108 1448 36000 SH DEFINED 1 36000 0 0 MARSH & MCLENNAN COS INC COM 571748102 626 25690 SH DEFINED 1 25690 0 0 MCDONALDS CORP COM 580135101 1216 21800 SH DEFINED 1 21800 0 0 MERRILL LYNCH & CO INC COM 590188108 517 12680 SH DEFINED 1 12680 0 0 MICROSOFT CORP COM 594918104 610 21500 SH DEFINED 1 21500 0 0 NEWS CORP CL B 65248E203 1378 72400 SH DEFINED 1 72400 0 0 NOVARTIS A G SPONSORED ADR 66987V109 892 17420 SH DEFINED 1 17420 0 0 RAYTHEON CO COM NEW 755111507 969 15000 SH DEFINED 1 15000 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 793 11500 SH DEFINED 1 11500 0 0 SCRIPPS E W CO OHIO CL A 811054204 752 17900 SH DEFINED 1 17900 0 0 SEMPRA ENERGY COM 816851109 1311 24600 SH DEFINED 1 24600 0 0 SPRINT NEXTEL CORP COM SER 1 852061100 453 67685 SH DEFINED 1 67685 0 0 SUNCOR ENERGY INC COM 867229106 727 7547 SH DEFINED 1 7547 0 0 TARGET CORP COM 87612E106 552 10900 SH DEFINED 1 10900 0 0 TEXAS INSTRS INC COM 882508104 760 26900 SH DEFINED 1 26900 0 0 TEXTRON INC COM 883203101 1214 21900 SH DEFINED 1 21900 0 0 TIME WARNER INC COM 887317105 944 67300 SH DEFINED 1 67300 0 0 TOTAL S A SPONSORED ADR 89151E109 2154 29100 SH DEFINED 1 29100 0 0 TRANSOCEAN INC NEW SHS G90073100 1165 8619 SH DEFINED 1 8619 0 0 TRAVELERS COMPANIES INC COM 89417E109 679 14200 SH DEFINED 1 14200 0 0 UNITED TECHNOLOGIES CORP COM 913017109 998 14500 SH DEFINED 1 14500 0 0 UNITEDHEALTH GROUP INC COM 91324P102 412 12000 SH DEFINED 1 12000 0 0 WACHOVIA CORP NEW COM 929903102 610 22600 SH DEFINED 1 22600 0 0 WAL MART STORES INC COM 931142103 1333 25300 SH DEFINED 1 25300 0 0 WELLPOINT INC COM 94973V107 428 9700 SH DEFINED 1 9700 0 0 WELLS FARGO & CO NEW COM 949746101 856 29400 SH DEFINED 1 29400 0 0