Exhibit 99.1

                                                                [CITIGROUP LOGO]


To:               Senior Management of Citigroup Asset Management

From:             Tom Jones

Date:             November 25, 2003

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As you know, last year Citigroup Asset Management reaffirmed its dedication to
maintaining the highest business standards throughout its operations. We
undertook a thorough review of our business policies and practices and
implemented a wide variety of compliance and control measures. In the course of
reviewing documents requested by the SEC, we have recently focused on our entry
into the transfer agent business in the period 1997-1999. Regrettably, we can
now see that it was not done the way it should have been.

In broad outline, as we currently understand the facts, at the time we decided
to enter that business, we concluded an agreement with our proposed
sub-contractor providing that the sub-contractor would guarantee certain
benefits to CAM or its affiliates. We subsequently agreed to an amendment
eliminating those benefits in exchange for arrangements that included a one-time
payment. Further, neither the agreement nor the amendment was disclosed to the
Boards of CAM's proprietary funds at the time the Boards were considering
whether to approve the transfer agent arrangements or subsequently. These errors
never should have occurred and we deeply regret that they did.

We have already begun taking a series of aggressive corrective measures. First,
we are paying to the funds the $16 million (plus interest) that the company
received from the revenue guarantee agreement. In addition, an independent
review of our transfer agent fee structure is planned. We will implement new
procedures and training to make sure an arrangement like this does not happen
again and we are making personnel changes. As we go forward, the review of the
facts will continue and we will work with the Fund Boards to consider whether
any additional steps may be warranted. We have briefed the SEC, New York State
Attorney General and other regulators, and yesterday we learned that the U.S.
Attorney is investigating this as well. Of course, the company will cooperate
with all governmental authorities.

As the experiences of the past several months have made clear, our obligation to
uphold the highest standards of integrity and professionalism has never been
more essential. Our most important mission - today and every day - is to assure
customers that their assets are safe and secure in our care and that they can
trust us to manage them with the utmost integrity.