8/30/2023 0 Comments Smith barney commercial![]() Improved, although at times unevenly, adding over 2 million jobs during the reporting period. The economy maintained the momentum of the recovery from the previous year enough for GDP to grow over 4% for 2004. Corporations continued to reap profits from improvedīalance sheets, low borrowing costs, and continued tax incentives. Households benefited from a healthier job market, low interest rates, and the wealth effect created from rising home prices. We look forward to helping you continue to meet your financial goals.Īnd business investment spurred GDP growth over the reporting period. Forįurther information, please see the ∺dditional Information note in the Notes to the Financial Statements included in this report.Īs always, thank you for your confidence in our stewardship of your assets. Although there can be no assurance, Citigroup does not believe that this matter will have a material adverse effect on the funds. Citigroup is cooperating with the SEC and will seek to resolve this matter in discussion with the SEC Staff. Staff of the Securities and Exchange Commission (SEC) has notified Citigroup Asset Management (∼AM) and Citicorp Trust Bank (∼TB), an affiliate of CAM, that the Staff is considering recommending a civil injunctiveĪction and/or an administrative proceeding against CAM, CTB, the former CEO of CAM, two former employees and a current employee of CAM, relating to the creation, operation and fees of an internal transfer agent unit that serves various CAM-managedįunds. Responding to those information requests, but are not in a position to predict the outcome of these requests and investigations.Īs previously disclosed by Citigroup, the The funds have been informed that the Adviser and its affiliates are The regulators appear to be examining,Īmong other things, the funds response to market timing and shareholder exchange activity, including compliance with prospectus disclosure related to these subjects. Its affiliates have received requests for information from various government regulators regarding market timing, late trading, fees, and other mutual fund issues in connection with various investigations. ![]() Please read on for a more detailed look at prevailing economic and market conditions during the funds fiscal year and to learn how those conditions have affectedĪs you may be aware, several issues in the mutual fund industry have recently come under the scrutiny of federal and state regulators. After the end of theįunds reporting period, at their February meeting, the Fed once again raised the target rate by 0.25% to 2.50%. The Fed again raised rates in 0.25% increments during August, September, November, and December, bringing the target for the federal funds rate to 2.25%. As expected, the Fed raised its target for the federal funds rate iii by 0.25% to 1.25%Īt the end of June 2004 the first rate increase in four years. Given the overall strength of the economy, Federal Reserve Board (∿ed) ii monetary policy was seen as highly accommodative and expectations were that it would start raising rates to ward While fourth quarter GDP figures have not yet been released, continued growth is expected. ![]() However, third quarter 2004 GDP rose a solid 4.0%. Product (GDP) i growth was 3.3% in the second quarter of the year. Following a robust 4.5% gain in the first quarter of 2004, gross domestic ![]() economy continued to expand during the reporting period. Prices, threats of terrorism, geopolitical concerns and uncertainties surrounding the presidential election, the U.S. Report of Independent Registered Public Accounting Firm INSURED NOT BANK GUARANTEED MAY LOSE VALUE ![]() The Annual Report to Stockholders is filed herewith. Registrants telephone number, including area code: (800) 451-2010ĭate of reporting period: December 31, 2004 CERTIFIED SHAREHOLDER REPORT OF REGISTERED ![]()
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