UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-3762
Smith Barney Aggressive Growth Fund Inc.
(Exact name of registrant as specified in charter)
125 Broad Street, New York, NY 10004
(Address of principal executive offices) (Zip code)
Robert I. Frenkel, Esq.
Smith Barney Fund Management LLC
300 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 451-2010
Date of fiscal year end: August 31
Date of reporting period: February 29, 2004
ITEM 1. REPORT TO STOCKHOLDERS.
The Semi-Annual Report to Stockholders is filed herewith.
SMITH BARNEY
AGGRESSIVE GROWTH
FUND INC.
CLASSIC SERIES | SEMI-ANNUAL REPORT | FEBRUARY 29, 2004
[LOGO] Smith Barney
Mutual Funds
Your Serious Money. Professionally Managed./R/
Your Serious Money. Professionally Managed./R/ is a registered service mark of
Citigroup Global Markets Inc.
NOT FDIC INSURED . NOT BANK GUARANTEED . MAY LOSE VALUE
[PHOTO OF RICHIE FREEMAN]
PORTFOLIO MANAGER
Classic Series
[GRAPHIC]
Semi-Annual Report . February 29, 2004
SMITH BARNEY
AGGRESSIVE GROWTH FUND
RICHIE FREEMAN
Richie Freeman has more than 28 years of securities business experience
and has been managing the fund since its inception in 1983.
Education: BS from Brooklyn College, MBA from New York University
FUND OBJECTIVE
The fund seeks capital appreciation. It seeks to achieve this objective
by investing primarily in common stocks of companies that the manager
believes are experiencing, or will experience, growth in earnings that
exceeds the average rate of earnings growth of the companies which
comprise the S&P 500 Index.
FUND FACTS
FUND INCEPTION
-----------------
October 24, 1983
MANAGER INVESTMENT INDUSTRY EXPERIENCE
-----------------
28 Years
What's Inside
Letter from the Chairman.............................................. 1
Schedule of Investments............................................... 3
Statement of Assets and Liabilities................................... 6
Statement of Operations............................................... 7
Statements of Changes in Net Assets................................... 8
Notes to Financial Statements......................................... 9
Financial Highlights.................................................. 13
LETTER FROM THE CHAIRMAN
[PHOTO]
R. Jay Gerken
R. JAY GERKEN, CFA
Chairman, President and Chief Executive Officer
Dear Shareholder,
By the start of September of 2003, many of the geopolitical concerns that had
been pressuring both the domestic economy and the stock market at the start of
the year had eased. The combat phase of the conflict in Iraq had already
concluded, removing much of the uncertainty that had clouded corporate
decision-making and stalled capital spending.
As the period progressed, new federal tax legislation provided a significant
near-term tax cut for consumers, businesses, and investors while key interest
rates continued to hover near record lows. In the third calendar quarter of
2003, gross domestic product ("GDP")/i/ growth reached a high not seen in
almost two decades--a sign for many investors that an economic recovery was now
firmly in place. This positive news was tempered by more modest GDP growth data
for the remainder of 2003 and unemployment figures that showed little
improvement in job growth through the end of January. These factors, among
others, contributed to a broad stock market rally that produced significant
gains for many sectors of the economy.
PERFORMANCE SNAPSHOT
AS OF FEBRUARY 29, 2004
(excluding sales charges)
6 Months
Class A Shares 18.04%
Russell 3000 Growth Index 12.41%
Lipper Multi-Cap Growth Funds Category Average 11.93%
The performance shown represents past performance. Past performance is no
guarantee of future results and current performance may be higher or lower
than the performance shown above. Principal value and investment returns will
fluctuate and investors' shares, when redeemed, may be worth more or less
than their original cost. To obtain performance data current to the most
recent month-end, please visit our website at www.smithbarneymutualfunds.com.
Class A shares returns assume the reinvestment of income dividends and
capital gains distributions at net asset value and the deduction of all fund
expenses. Returns have not been adjusted to include sales charges that may
apply when shares are purchased or the deduction of taxes that a shareholder
would pay on fund distributions. Excluding sales charges, Class B shares
returned 17.56%, Class L shares returned 17.61% and Class Y shares returned
18.27% over the six months ended February 29, 2004. On February 2, 2004, the
initial sales charge on Class L shares was eliminated for sales made on or
after that date. Class L returns have been calculated as if the sales charge
had been eliminated during the entire period.
All index performance reflects no deduction for fees, expenses or taxes. The
Russell 3000 Growth Index measures the performance of those Russell 3000
Index companies with higher price-to-book ratios and higher forecasted growth
values. (A price-to-book ratio is the price of a stock compared to the
difference between a company's assets and liabilities.) Please note that an
investor cannot invest directly in an index
Lipper, Inc. is a major independent mutual-fund tracking organization.
Returns are based on the six-month period ended February 29, 2004, calculated
among the 400 funds in the fund's Lipper category including the reinvestment
of dividends and capital gains, if any, and excluding sales charges.
1 Smith Barney Aggressive Growth Fund Inc. | 2004 Semi-Annual Report
Performance Review
Within this environment, the fund performed as follows. For the six months
ended February 29, 2004, Class A shares of the Smith Barney Aggressive Growth
Fund Inc., excluding sales charges, returned 18.04%. These shares outperformed
both the fund's unmanaged benchmark, the Russell 3000 Growth Index,/ii/ which
returned 12.41%, as well as the fund's Lipper multi-cap growth funds category
average, which returned 11.93%, for the same period./1/ The fund's
outperformance during this period was broadly based, with positive performance
coming from a number of holdings in a variety of sectors, including the
consumer discretionary, energy, financials, healthcare, industrials,
information technology and telecommunications services sectors.
Information About Your Fund
In recent months several issues in the mutual fund industry have come under the
scrutiny of federal and state regulators. The fund's Adviser and some of 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. The regulators appear to be
examining, among other things, the fund's response to market timing and
shareholder exchange activity, including compliance with prospectus disclosure
related to these subjects. The fund has been informed that the Adviser and its
affiliates are responding to those information requests, but are not in a
position to predict the outcome of these requests and investigations.
As always, thank you for your confidence in our stewardship of your assets. We
look forward to helping you continue to meet your financial goals.
Sincerely,
/s/ R. Jay Gerken
R. Jay Gerken, CFA
Chairman, President and Chief Executive Officer
March 10, 2004
The information provided is not intended to be a forecast of future events, a
guarantee of future results or investment advice. Views expressed may differ
from those of the firm as a whole.
Portfolio holdings and breakdowns are as of February 29, 2004 and are subject
to change. Please refer to pages 3 through 5 for a list and percentage
breakdown of the fund's holdings.
The mention of sector breakdowns is for informational purposes only and should
not be construed as a recommendation to purchase or sell any securities. The
information provided regarding such sectors is not a sufficient basis upon
which to make an investment decision. Investors seeking financial advice
regarding the appropriateness of investing in any securities or investment
strategies discussed should consult their financial professional. Portfolio
holdings are subject to change at any time and may not be representative of the
portfolio manager's current or future investments. The fund's top five sector
holdings as of February 29, 2004 were: Health Care (39.83%); Financials
(12.81%); Information Technology (12.65%); Consumer Discretionary (12.65%) and
Energy (8.78%). The fund's portfolio composition is subject to change at any
time.
RISKS: The fund may invest a significant portion of its assets in small- and
mid-cap companies, which may involve a higher degree of risk and volatility
than investments in larger, more established companies. The fund may also
invest in foreign securities, which are subject to certain risks of overseas
investing, including currency fluctuations and changes in political and
economic conditions, which could result in significant market fluctuations.
All index performance reflects no deduction for fees, expenses or taxes. Please
note that an investor cannot invest directly in an index.
/1/Lipper, Inc. is a major independent mutual-fund tracking organization.
Returns are based on the six-month period ended February 29, 2004,
calculated among the 400 funds in the fund's Lipper category including the
reinvestment of dividends and capital gains, if any, and excluding sales
charges.
/i/Gross domestic product is a market value of goods and services produced by
labor and property in a given country.
/ii/The Russell 3000 Growth Index measures the performance of those Russell
3000 Index companies with higher price-to-book ratios and higher forecasted
growth values. (A price-to-book ratio is the price of a stock compared to
the difference between a company's assets and liabilities.)
2 Smith Barney Aggressive Growth Fund Inc. | 2004 Semi-Annual Report
SCHEDULE OF INVESTMENTS (UNAUDITED) FEBRUARY 29, 2004
SHARES SECURITY VALUE
- --------------------------------------------------------------------------
COMMON STOCK -- 96.7%
COMMINGLED FUND -- 1.7%
Commingled Fund -- 1.7%
4,000,000 Nasdaq-100 Index Tracking Stock* $ 146,240,000
- --------------------------------------------------------------------------
TOTAL COMMINGLED FUND 146,240,000
- --------------------------------------------------------------------------
CONSUMER DISCRETIONARY -- 12.6%
Media -- 12.4%
7,850,000 Cablevision Systems -- NY Group, Class A Shares* 200,018,000
1,394,000 Comcast Corp., Class A Shares* 41,875,760
10,000,000 Comcast Corp., Special Class A Shares* 292,200,000
16,500,000 Liberty Media Corp., Class A Shares* 188,100,000
200,000 Source Interlink Cos., Inc.* 2,230,000
15,000,000 Time Warner Inc.* 258,750,000
1,736,000 Viacom Inc., Class B Shares 66,766,560
1,100,000 World Wrestling Entertainment, Inc. 14,905,000
- --------------------------------------------------------------------------
1,064,845,320
- --------------------------------------------------------------------------
Specialty Retail -- 0.2%
2,707,200 Charming Shoppes, Inc.* 17,732,160
- --------------------------------------------------------------------------
TOTAL CONSUMER DISCRETIONARY 1,082,577,480
- --------------------------------------------------------------------------
ENERGY -- 8.8%
Energy Equipment & Services -- 4.6%
1,447,500 Core Laboratories N.V.* 28,443,375
5,099,700 Grant Prideco, Inc.* 77,362,449
6,400,000 Weatherford International Ltd.* 286,720,000
- --------------------------------------------------------------------------
392,525,824
- --------------------------------------------------------------------------
Oil & Gas -- 4.2%
7,000,000 Anadarko Petroleum Corp. 358,750,000
- --------------------------------------------------------------------------
TOTAL ENERGY 751,275,824
- --------------------------------------------------------------------------
FINANCIALS -- 12.8%
Banks -- 2.4%
3,000,000 Astoria Financial Corp. 121,020,000
2,330,000 New York Community Bancorp, Inc. 81,829,600
- --------------------------------------------------------------------------
202,849,600
- --------------------------------------------------------------------------
Diversified Financials -- 10.4%
897,100 CIT Group Inc. 35,408,537
30,000 The Goldman Sachs Group, Inc. 3,176,100
6,738,998 Lehman Brothers Holdings, Inc. 584,338,517
4,400,000 Merrill Lynch & Co., Inc. 269,324,000
27,637 National Financial Partners Corp.* 889,359
- --------------------------------------------------------------------------
893,136,513
- --------------------------------------------------------------------------
TOTAL FINANCIALS 1,095,986,113
- --------------------------------------------------------------------------
HEALTHCARE -- 39.8%
Biotechnology -- 21.1%
200,000 Albany Molecular Research, Inc.* 3,020,000
1,550,000 Alkermes, Inc.* 22,087,500
6,000,000 Amgen Inc.* 381,180,000
See Notes to Financial Statements.
3 Smith Barney Aggressive Growth Fund Inc. | 2004 Semi-Annual Report
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED) FEBRUARY 29, 2004
SHARES SECURITY VALUE
- ----------------------------------------------------------------------------
Biotechnology -- 21.1% (continued)
599,500 AP Pharma, Inc.* $ 1,426,810
7,000,000 Biogen Idec Inc.* 388,150,000
200,000 Bioveris Corp.* 2,590,000
1,732,725 CancerVax Corp.* 21,225,881
7,350,000 Chiron Corp.* 359,488,500
266,000 Genentech, Inc.* 28,698,740
5,736,811 Genzyme Corp.* 291,315,262
3,500,000 ImClone Systems Inc.* 146,930,000
1,050,000 Isis Pharmaceuticals, Inc.* 8,347,500
6,040,000 Millennium Pharmaceuticals, Inc.* 107,572,400
880,000 Nabi Biopharmaceuticals* 12,399,200
750,000 Nanogen, Inc.* 6,367,500
200,000 Tularik Inc.* 3,680,000
1,900,000 Vertex Pharmaceuticals Inc.* 21,432,000
- ----------------------------------------------------------------------------
1,805,911,293
- ----------------------------------------------------------------------------
Healthcare Equipment & Supplies -- 0.3%
864,400 Biosite Inc.* 26,433,352
1,815,000 Cygnus, Inc.* 889,350
87,500 Cytyc Corp.* 1,442,000
- ----------------------------------------------------------------------------
28,764,702
- ----------------------------------------------------------------------------
Healthcare Providers & Services -- 7.3%
10,000,000 UnitedHealth Group Inc. 620,000,000
- ----------------------------------------------------------------------------
Pharmaceuticals -- 11.1%
8,000,000 Forest Laboratories, Inc., Class A Shares* 603,840,000
2,156,000 Johnson & Johnson 116,229,960
5,150,000 King Pharmaceuticals, Inc.* 99,240,500
768,303 Pfizer Inc. 28,158,305
400,260 Teva Pharmaceutical Industries Ltd., Sponsored ADR 26,016,900
3,600,000 Valeant Pharmaceuticals International 78,948,000
- ----------------------------------------------------------------------------
952,433,665
- ----------------------------------------------------------------------------
TOTAL HEALTHCARE 3,407,109,660
- ----------------------------------------------------------------------------
INDUSTRIALS -- 5.8%
Aerospace & Defense -- 2.0%
3,179,475 L-3 Communications Holdings, Inc.* 170,165,502
- ----------------------------------------------------------------------------
Industrial Conglomerates -- 3.0%
9,025,000 Tyco International Ltd. 257,844,250
- ----------------------------------------------------------------------------
Machinery -- 0.8%
2,590,500 Pall Corp. 67,793,385
- ----------------------------------------------------------------------------
TOTAL INDUSTRIALS 495,803,137
- ----------------------------------------------------------------------------
INFORMATION TECHNOLOGY -- 12.7%
Communications Equipment -- 3.5%
3,000,000 C-COR.net Corp.* 49,320,000
1,270,000 DSP Group, Inc.* 32,346,900
7,500,000 Motorola, Inc. 138,375,000
675,072 Nokia Oyj 14,715,826
2,924,928 Nokia Oyj, Sponsored ADR 63,675,683
- ----------------------------------------------------------------------------
298,433,409
- ----------------------------------------------------------------------------
See Notes to Financial Statements.
4 Smith Barney Aggressive Growth Fund Inc. | 2004 Semi-Annual Report
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED) FEBRUARY 29, 2004
SHARES SECURITY VALUE
- -------------------------------------------------------------------------------------------------------------------------
Computers & Peripherals -- 2.2%
350,000 Drexler Technology Corp.* $ 4,952,500
8,595,000 Maxtor Corp.* 88,098,750
6,150,000 Quantum Corp.* 23,677,500
2,900,000 SanDisk Corp.* 73,544,000
- -------------------------------------------------------------------------------------------------------------------------
190,272,750
- -------------------------------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.3%
689,000 Excel Technology, Inc.* 23,233,080
- -------------------------------------------------------------------------------------------------------------------------
Semiconductor Equipment & Products -- 5.7%
1,050,000 Cabot Microelectronics Corp.* 46,777,500
3,720,000 Cirrus Logic, Inc.* 27,379,200
1,000,000 Cree, Inc.* 23,950,000
3,280,000 Intel Corp. 95,874,400
12,500,000 Micron Technology, Inc.* 188,000,000
4,000,000 RF Micro Devices, Inc.* 37,160,000
630,000 Standard Microsystems Corp.* 18,981,900
2,103,640 Teradyne, Inc.* 51,854,726
- -------------------------------------------------------------------------------------------------------------------------
489,977,726
- -------------------------------------------------------------------------------------------------------------------------
Software -- 1.0%
1,100,000 Advent Software, Inc.* 18,865,000
675,000 Autodesk, Inc. 19,338,750
680,800 Microsoft Corp. 18,041,200
785,500 RSA Security Inc.* 13,062,865
650,000 Verity, Inc.* 10,757,500
- -------------------------------------------------------------------------------------------------------------------------
80,065,315
- -------------------------------------------------------------------------------------------------------------------------
TOTAL INFORMATION TECHNOLOGY 1,081,982,280
- -------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.5%
Diversified Telecommunication Services -- 0.2%
800,000 AT&T Corp. 16,024,000
- -------------------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 2.3%
14,500,000 AT&T Wireless Services Inc.* 196,910,000
- -------------------------------------------------------------------------------------------------------------------------
TOTAL TELECOMMUNICATION SERVICES 212,934,000
- -------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost -- $6,385,200,009) 8,273,908,494
- -------------------------------------------------------------------------------------------------------------------------
FACE
AMOUNT SECURITY VALUE
- -------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 3.3%
$178,011,000 Deutsche Bank Securities Inc. dated 2/27/04, 0.990% due 3/1/04; Proceeds at maturity --
$178,025,686; (Fully collateralized by various U.S. Treasury obligations, 0.000% to 12.750%
due 11/15/05 to 8/15/29; Market value -- $181,914,988) 178,011,000
100,000,000 Merrill Lynch & Co., Inc. dated 2/27/04, 0.970% due 3/1/04; Proceeds at maturity --
$100,008,083; (Fully collateralized by various U.S. Treasury obligations, 0.000% to 14.000%
due 5/15/04 to 11/15/27; Market value -- $102,000,244) 100,000,000
- -------------------------------------------------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost -- $278,011,000) 278,011,000
- -------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 100.0%
(Cost -- $6,663,211,009**) $8,551,919,494
- -------------------------------------------------------------------------------------------------------------------------
* Non-income producing security.
**Aggregate cost for Federal income tax purposes is substantially the same.
See Notes to Financial Statements.
5 Smith Barney Aggressive Growth Fund Inc. | 2004 Semi-Annual Report
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) FEBRUARY 29, 2004
ASSETS:
Investments, at value (Cost -- $6,663,211,009) $8,551,919,494
Cash 608
Receivable for Fund shares sold 18,683,032
Dividends and interest receivable 2,006,160
Prepaid expenses 103,626
- ---------------------------------------------------------------------------
Total Assets 8,572,712,920
- ---------------------------------------------------------------------------
LIABILITIES:
Payable for securities purchased 5,398,260
Payable for Fund shares reacquired 4,034,287
Investment advisory fee payable 3,903,813
Distribution plan fees payable 1,340,857
Administration fee payable 1,324,451
Accrued expenses 1,768,093
- ---------------------------------------------------------------------------
Total Liabilities 17,769,761
- ---------------------------------------------------------------------------
Total Net Assets $8,554,943,159
- ---------------------------------------------------------------------------
NET ASSETS:
Par value of capital shares $ 964,986
Capital paid in excess of par value 6,730,838,180
Accumulated net investment loss (43,868,614)
Accumulated net realized loss on investment transactions (21,699,878)
Net unrealized appreciation of investments 1,888,708,485
- ---------------------------------------------------------------------------
Total Net Assets $8,554,943,159
- ---------------------------------------------------------------------------
Shares Outstanding:
Class A 33,636,905
- ----------------------------------------------------------------------------
Class B 28,237,078
- ----------------------------------------------------------------------------
Class L 21,067,912
- ----------------------------------------------------------------------------
Class Y 13,556,744
- ----------------------------------------------------------------------------
Net Asset Value:
Class A (and redemption price) $92.50
- ----------------------------------------------------------------------------
Class B * $83.97
- ----------------------------------------------------------------------------
Class L * $84.43
- ----------------------------------------------------------------------------
Class Y (and redemption price) $95.41
- ----------------------------------------------------------------------------
Maximum Public Offering Price Per Share:
Class A (net asset value plus 5.26% of net asset value
per share) $97.37
- ---------------------------------------------------------------------------
* Redemption price is NAV of Class B and L shares reduced by a 5.00% and 1.00%
CDSC, respectively, if shares are redeemed within one year from purchase
payment (See Note 2).
See Notes to Financial Statements.
6 Smith Barney Aggressive Growth Fund Inc. | 2004 Semi-Annual Report
STATEMENT OF OPERATIONS (UNAUDITED) FOR THE SIX MONTHS ENDED FEBRUARY 29, 2004
INVESTMENT INCOME:
Dividends $ 10,575,471
Interest 2,071,175
Less: Foreign withholding tax (8,515)
- ---------------------------------------------------------------------------
Total Investment Income 12,638,131
- ---------------------------------------------------------------------------
EXPENSES:
Distribution plan fees (Note 5) 21,842,219
Investment advisory fee (Note 2) 21,763,298
Administration fee (Note 2) 7,336,464
Transfer agency services (Note 5) 5,132,588
Shareholder communications (Note 5) 141,152
Custody 136,823
Registration fees 59,761
Audit and legal 39,041
Directors' fees 26,349
Other 29,050
- ---------------------------------------------------------------------------
Total Expenses 56,506,745
- ---------------------------------------------------------------------------
Net Investment Loss (43,868,614)
- ---------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS (NOTE 3):
Realized Gain From Investments Transactions (excluding
short-term investments):
Proceeds from sales 225,690,544
Cost of securities sold 150,316,232
- ---------------------------------------------------------------------------
Net Realized Gain 75,374,312
- ---------------------------------------------------------------------------
Change in Net Unrealized Appreciation of Investments:
Beginning of period 687,661,727
End of period 1,888,708,485
- ---------------------------------------------------------------------------
Increase in Net Unrealized Appreciation 1,201,046,758
- ---------------------------------------------------------------------------
Net Gain on Investments 1,276,421,070
- ---------------------------------------------------------------------------
Increase in Net Assets From Operations $1,232,552,456
- ---------------------------------------------------------------------------
See Notes to Financial Statements.
7 Smith Barney Aggressive Growth Fund Inc. | 2004 Semi-Annual Report
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended February 29, 2004 (unaudited)
and the Year Ended August 31, 2003
2004 2003
- -----------------------------------------------------------------------------------
OPERATIONS:
Net investment loss $ (43,868,614) $ (65,221,839)
Net realized gain (loss) 75,374,312 (41,268,126)
Increase in net unrealized appreciation 1,201,046,758 1,363,253,834
- ----------------------------------------------------------------------------------
Increase in Net Assets From Operations 1,232,552,456 1,256,763,869
- ----------------------------------------------------------------------------------
FUND SHARE TRANSACTIONS (NOTE 6):
Net proceeds from sale of shares 1,256,828,451 1,876,235,063
Cost of shares reacquired (541,373,494) (1,290,220,871)
- ----------------------------------------------------------------------------------
Increase in Net Assets From Fund Share
Transactions 715,454,957 586,014,192
- ----------------------------------------------------------------------------------
Increase in Net Assets 1,948,007,413 1,842,778,061
NET ASSETS:
Beginning of period 6,606,935,746 4,764,157,685
- ----------------------------------------------------------------------------------
End of period* $8,554,943,159 $ 6,606,935,746
- ----------------------------------------------------------------------------------
* Includes accumulated net investment loss of: $(43,868,614) --
- ----------------------------------------------------------------------------------
See Notes to Financial Statements.
8 Smith Barney Aggressive Growth Fund Inc. | 2004 Semi-Annual Report
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. Significant Accounting Policies
The Smith Barney Aggressive Growth Fund Inc. ("Fund"), a Maryland corporation,
is registered under the Investment Company Act of 1940, as amended, as a
diversified, open-end management investment company.
The significant accounting policies consistently followed by the Fund are in
conformity with generally accepted accounting principles ("GAAP") and are as
follows: (a) security transactions are accounted for on trade date; (b)
securities traded on national securities markets are valued at the closing
price on such markets; securities traded in the over-the-counter market and
listed securities for which no sales prices were reported are valued at the
mean between the bid and asked prices; securities listed on the NASDAQ National
Market System for which market quotations are available are valued at the
official closing price or, if there is no official closing price on that day,
at the last sale price; (c) securities for which market quotations are not
available will be valued in good faith at fair value by or under the direction
of the Board of Directors; (d) short-term obligations with maturities of 60
days or less are valued at cost plus accreted discount, or minus amortized
premium, which approximates value; (e) dividend income is recorded on the
ex-dividend date and interest income is recorded on an accrual basis; (f )
gains or losses on the sale of securities are calculated by using the specific
identification method; (g) dividends and distributions to shareholders are
recorded on the ex-dividend date; the Fund distributes dividends and capital
gains, if any; at least annually; (h) the accounting records of the Fund are
maintained in U.S. dollars. All assets and liabilities denominated in foreign
currencies are translated into U.S. dollars based on the rate of exchange of
such currencies against U.S. dollars on the date of valuation. Purchases and
sales of securities, and income and expenses are translated at the rate of
exchange quoted on the respective date that such transactions are recorded.
Differences between income and expense amounts recorded and collected or paid
are adjusted when reported by the custodian; ( i) class specific expenses are
charged to each class; investment advisory fees and general fund expenses are
allocated on the basis of relative net assets of each class or on another
reasonable basis; ( j) the character of income and gains to be distributed is
determined in accordance with income tax regulations, which may differ from
accounting principles generally accepted in the United States of America; (k)
the Fund intends to comply with the applicable provisions of the Internal
Revenue Code of 1986, as amended, pertaining to regulated investment companies
and to make distributions of taxable income sufficient to relieve it from
substantially all Federal income and excise taxes; and (l) estimates and
assumptions are required to be made regarding assets, liabilities and changes
in net assets resulting from operations when financial statements are prepared.
Changes in the economic environment, financial markets and any other parameters
used in determining these estimates could cause actual results to differ.
2. Investment Advisory Agreement, Administration Agreement and Other
Transactions
Smith Barney Fund Management LLC ("SBFM"), an indirect wholly-owned subsidiary
of Citigroup Inc. ("Citigroup"), acts as investment adviser to the Fund. The
Fund pays SBFM an advisory fee calculated at an annual rate of 0.60% of the
Fund's average daily net assets up to $5 billion; 0.575% on the next $2.5
billion; 0.550% on the next $2.5 billion; and 0.500% on the Fund's average
daily net assets in excess of $10 billion. This fee is calculated daily and
paid monthly.
SBFM also acts as the Fund's administrator for which the Fund pays a fee
calculated at an annual rate of 0.20% of the Fund's average daily net assets.
This fee is calculated daily and paid monthly.
Citicorp Trust Bank, fsb. ("CTB"), another subsidiary of Citigroup, acts as the
Fund's transfer agent. PFPC Inc. ("PFPC") and Primerica Shareholder Services
("PSS"), another subsidiary of Citigroup, act as the Fund's sub-transfer
agents. CTB receives account fees and asset-based fees that vary according to
the size and type of account. PFPC and PSS are responsible for shareholder
recordkeeping and financial processing for all shareholder accounts and are
paid by CTB. For the six months ended February 29, 2004, the Fund paid transfer
agent fees of $3,586,833 to CTB.
9 Smith Barney Aggressive Growth Fund Inc. | 2004 Semi-Annual Report
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Citigroup Global Markets Inc. ("CGM") and PFS Distributors, Inc., both of which
are subsidiaries of Citigroup, act as the Fund's distributors.
There is a maximum initial sales charge of 5.00% for Class A shares. There is a
contingent deferred sales charge ("CDSC") of 5.00% on Class B shares, which
applies if redemption occurs within one year from purchase payment and declines
thereafter by 1.00% per year until no CDSC is incurred. Class L shares have a
1.00% CDSC, which applies if redemption occurs within one year from purchase
payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if
redemption occurs within one year from purchase payment. This CDSC only applies
to those purchases of Class A shares, which, when combined with current
holdings of Class A shares, equal or exceed $1,000,000 in the aggregate. These
purchases do not incur an initial sales charge.
For the six months ended February 29, 2004, CGM and its affiliates received
sales charges of approximately $8,166,000 and $1,578,000 on sales of the Fund's
Class A and L shares, respectively. In addition, for the six months ended
February 29, 2004, CDSCs paid to CGM and its affiliates were approximately:
Class A Class B Class L
- --------------------------------------------------------------
CDSCs $13,000 $2,192,000 $76,000
- -------------------------------------------------------------
For the six months ended February 29, 2004, CGM and its affiliates received
brokerage commissions of $9,050.
All officers and one Director of the Fund are employees of Citigroup or its
affiliates.
3. Investments
During the six months ended February 29, 2004, the aggregate cost of purchases
and proceeds from sales of investments (including maturities of long-term
investments, but excluding short-term investments) were as follows:
- ---------------------------------------------------
Purchases $ 888,106,710
- ---------------------------------------------------
Sales 225,690,544
- ---------------------------------------------------
At February 29, 2004, the aggregate gross unrealized appreciation and
depreciation of investments for Federal income tax purposes were substantially
as follows:
- ---------------------------------------------------
Gross unrealized appreciation $ 2,940,814,250
Gross unrealized depreciation (1,052,105,765)
- ---------------------------------------------------
Net unrealized appreciation $ 1,888,708,485
- ---------------------------------------------------
4. Repurchase Agreements
When entering into repurchase agreements, it is the Fund's policy that a
custodian takes possession of the underlying collateral securities, the value
of which at least equals the principal amount of the repurchase transaction,
including accrued interest. To the extent that any repurchase transaction
exceeds one business day, the value of the collateral is marked-to-market to
ensure the adequacy of the collateral. If the seller defaults and the value of
the collateral declines or if bankruptcy proceedings are commenced with respect
to the seller of the security, realization of the collateral by the Fund may be
delayed or limited.
10 Smith Barney Aggressive Growth Fund Inc. | 2004 Semi-Annual Report
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
5. Class Specific Expenses
Pursuant to a Rule 12b-1 Distribution Plan, the Fund pays a service fee with
respect to its Class A, B and L shares calculated at the annual rate of 0.25%
of the average daily net assets of each respective class. The Fund also pays a
distribution fee with respect to its Class B and L shares calculated at the
annual rate of 0.75% of the average daily net assets of each class. For the six
months ended February 29, 2004, total Rule 12b-1 Distribution Plan fees, which
are accrued daily and paid monthly, were as follows:
Class A Class B Class L
-------------------------------------------------------------------
Rule 12b-1 Distribution Plan Fees $3,330,002 $10,674,859 $7,837,358
-------------------------------------------------------------------
For the six months ended February 29, 2004, total Transfer Agency Service
expenses were as follows:
Class A Class B Class L Class Y
-----------------------------------------------------------------------
Transfer Agency Service Expenses $1,890,550 $2,259,239 $982,521 $278
-----------------------------------------------------------------------
For the six months ended February 29, 2004, total Shareholder Communication
expenses were as follows:
Class A Class B Class L Class Y
------------------------------------------------------------------
Shareholder Communication Expenses $43,949 $63,890 $33,292 $21
------------------------------------------------------------------
6. Capital Shares
At February 29, 2004, the Fund had 100 million shares of capital stock
authorized with a par value of $0.01 per share. The Fund has the ability to
issue multiple classes of shares. Each share of a class represents an identical
interest and has the same rights, except that each class bears certain direct
expenses, including those specifically related to the distribution of its
shares.
Transactions in shares of each class were as follows:
Six Months Ended Year Ended
February 29, 2004 August 31, 2003
------------------------- -------------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------
Class A
Shares sold 6,142,993 $ 516,805,020 8,506,276 $ 582,034,110
Shares reacquired (2,257,497) (190,987,267) (5,081,210) (341,718,810)
- -------------------------------------------------------------------------------
Net Increase 3,885,496 $ 325,817,753 3,425,066 $ 240,315,300
- -------------------------------------------------------------------------------
Class B
Shares sold 2,684,304 $ 204,967,272 5,651,045 $ 355,363,778
Shares reacquired (2,227,199) (170,620,421) (4,834,626) (291,969,173)
- -------------------------------------------------------------------------------
Net Increase 457,105 $ 34,346,851 816,419 $ 63,394,605
- -------------------------------------------------------------------------------
Class L
Shares sold 2,993,431 $ 229,761,407 4,527,369 $ 289,298,922
Shares reacquired (1,634,280) (126,286,688) (3,560,257) (215,242,394)
- -------------------------------------------------------------------------------
Net Increase 1,359,151 $ 103,474,719 967,112 $ 74,056,528
- -------------------------------------------------------------------------------
11 Smith Barney Aggressive Growth Fund Inc. | 2004 Semi-Annual Report
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Six Months Ended Year Ended
February 29, 2004 August 31, 2003
----------------------- -------------------------
Shares Amount Shares Amount
- ------------------------------------------------------------------------------
Class Y
Shares sold 3,283,024 $305,294,752 8,692,881 $ 604,747,099
Shares reacquired (589,373) (53,479,118) (621,570) (44,129,814)
- -----------------------------------------------------------------------------
Net Increase 2,693,651 $251,815,634 8,071,311 $ 560,617,285
- -----------------------------------------------------------------------------
Class Z*
Shares sold -- -- 673,406 $ 44,791,154
Shares reacquired -- -- (5,757,800) (397,160,680)
- -----------------------------------------------------------------------------
Net Decrease -- -- (5,084,394) $(352,369,526)
- -----------------------------------------------------------------------------
*As of April 21, 2003, Class Z shares were fully redeemed.
7. Additional Information
The Fund has received the following information from Citigroup Asset Management
("CAM"), the Citigroup business unit which includes the Fund's Investment
Manager and other investment advisory companies, all of which are indirect,
wholly-owned subsidiaries of Citigroup. CAM is reviewing its entry, through an
affiliate, into the transfer agent business in the period 1997-1999. As CAM
currently understands the facts, at the time CAM decided to enter the transfer
agent business, CAM sub-contracted for a period of five years certain of the
transfer agency services to a third party and also concluded a revenue
guarantee agreement with this sub-contractor providing that the sub-contractor
would guarantee certain benefits to CAM or its affiliates (the "Revenue
Guarantee Agreement"). In connection with the subsequent purchase of the
sub-contractor's business by an affiliate of the current sub-transfer agent
(PFPC Inc.) used by CAM on many of the funds it manages, this Revenue Guarantee
Agreement was amended eliminating those benefits in exchange for arrangements
that included a one-time payment from the sub-contractor.
The Boards of CAM-managed funds (the "Boards") were not informed of the Revenue
Guaranteed Agreement with the sub-contractor at the time the Boards considered
and approved the transfer agent arrangements. Nor were the Boards informed of
the subsequent amendment to the Revenue Guarantee Agreement when that occurred.
CAM has begun to take corrective actions. CAM will pay to the applicable funds
approximately $17 million (plus interest) that CAM and its affiliates received
from the Revenue Guarantee Agreement and its amendment. CAM also plans an
independent review to verify that the transfer agency fees charged by CAM were
fairly priced as compared to competitive alternatives. CAM is instituting new
procedures and making changes designed to ensure no similar arrangements are
entered into in the future.
CAM has briefed the SEC, the New York State Attorney General and other
regulators with respect to this matter, as well as the U.S. Attorney who is
investigating the matter. CAM is cooperating with governmental authorities on
this matter, the ultimate outcome of which is not yet determinable.
12 Smith Barney Aggressive Growth Fund Inc. | 2004 Semi-Annual Report
FINANCIAL HIGHLIGHTS
For a share of each class of capital stock outstanding throughout each year
ended August 31, unless otherwise noted:
Class A Shares 2004/(1)(2)/ 2003/(2)/ 2002/(2)/ 2001/(2)/ 2000/(2)/ 1999/(2)/
- ----------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $78.36 $62.24 $91.46 $110.53 $ 67.73 $33.78
- ----------------------------------------------------------------------------------------------------------------
Income (Loss) From Operations:
Net investment loss (0.36) (0.58) (0.71) (0.79) (0.59) (0.48)
Net realized and unrealized gain (loss) 14.50 16.70 (28.51) (18.28) 44.11 35.31
- ----------------------------------------------------------------------------------------------------------------
Total Income (Loss) From Operations 14.14 16.12 (29.22) (19.07) 43.52 34.83
- ----------------------------------------------------------------------------------------------------------------
Less Distributions From:
Net realized gains -- -- -- -- (0.72) (0.88)
- ----------------------------------------------------------------------------------------------------------------
Total Distributions -- -- -- -- (0.72) (0.88)
- ----------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $92.50 $78.36 $62.24 $ 91.46 $110.53 $67.73
- ----------------------------------------------------------------------------------------------------------------
Total Return 18.04%++ 25.90% (31.95)% (17.25)% 64.91% 104.42%
- ----------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (millions) $3,111 $2,332 $1,639 $1,952 $1,731 $690
- ----------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses 1.20%+ 1.22% 1.21% 1.17% 1.14% 1.18%
Net investment loss (0.85)+ (0.86) (0.88) (0.80) (0.66) (0.89)
- ----------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 3% 1% 1% 0% 1% 8%
- ----------------------------------------------------------------------------------------------------------------
Class B Shares 2004/(1)(2)/ 2003/(2)/ 2002/(2)/ 2001/(2)/ 2000/(2)/ 1999/(2)/
- ----------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $71.43 $57.19 $84.73 $103.24 $ 63.82 $32.12
- ----------------------------------------------------------------------------------------------------------------
Income (Loss) From Operations:
Net investment loss (0.64) (1.03) (1.26) (1.48) (1.23) (0.87)
Net realized and unrealized gain (loss) 13.18 15.27 (26.28) (17.03) 41.37 33.45
- ----------------------------------------------------------------------------------------------------------------
Total Income (Loss) From Operations 12.54 14.24 (27.54) (18.51) 40.14 32.58
- ----------------------------------------------------------------------------------------------------------------
Less Distributions From:
Net realized gains -- -- -- -- (0.72) (0.88)
- ----------------------------------------------------------------------------------------------------------------
Total Distributions -- -- -- -- (0.72) (0.88)
- ----------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $83.97 $71.43 $57.19 $ 84.73 $103.24 $63.82
- ----------------------------------------------------------------------------------------------------------------
Total Return 17.56%++ 24.90% (32.50)% (17.93)% 63.58% 102.78%
- ----------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (millions) $2,371 $1,984 $1,542 $1,893 $1,485 $470
- ----------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses 2.02%+ 2.03% 2.03% 1.99% 1.94% 2.00%
Net investment loss (1.68)+ (1.67) (1.70) (1.62) (1.47) (1.70)
- ----------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 3% 1% 1% 0% 1% 8%
- ----------------------------------------------------------------------------------------------------------------
(1) For the six months ended February 29, 2004 (unaudited).
(2)Per share amounts have been calculated using the monthly average shares
method.
++Total return is not annualized, as it may not be representative of the total
return for the year.
+ Annualized.
13 Smith Barney Aggressive Growth Fund Inc.. | 2004 Semi-Annual Report
FINANCIAL HIGHLIGHTS (CONTINUED)
For a share of each class of capital stock outstanding throughout each year
ended August 31, unless otherwise noted:
Class L Shares 2004/(1)(2)/ 2003/(2)/ 2002/(2)/ 2001/(2)/ 2000/(2)/ 1999/(2)/
- -------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 71.79 $ 57.44 $ 85.03 $103.54 $ 63.99 $ 32.19
- ----------------------------------------------------------------------------------------------------
Income (Loss) From Operations:
Net investment loss (0.61) (0.99) (1.20) (1.44) (1.24) (0.84)
Net realized and unrealized gain (loss) 13.25 15.34 (26.39) (17.07) 41.51 33.52
- ----------------------------------------------------------------------------------------------------
Total Income (Loss) From Operations 12.64 14.35 (27.59) (18.51) 40.27 32.68
- ----------------------------------------------------------------------------------------------------
Less Distributions From:
Net realized gains -- -- -- -- (0.72) (0.88)
- ----------------------------------------------------------------------------------------------------
Total Distributions -- -- -- -- (0.72) (0.88)
- ----------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 84.43 $ 71.79 $ 57.44 $ 85.03 $103.54 $ 63.99
- ----------------------------------------------------------------------------------------------------
Total Return 17.61%++ 24.98% (32.45)% (17.88)% 63.62% 102.87%
- ----------------------------------------------------------------------------------------------------
Net Assets, End of Period (millions) $1,779 $1,415 $1,076 $1,286 $696 $162
- ----------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses 1.93%+ 1.96% 1.95% 1.94% 1.94% 1.94%
Net investment loss (1.59)+ (1.60) (1.62) (1.57) (1.46) (1.64)
- ----------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 3% 1% 1% 0% 1% 8%
- ----------------------------------------------------------------------------------------------------
Class Y Shares 2004/(1)(2)/ 2003/(2)/ 2002/(2)/ 2001/(2)/ 2000/(2)/ 1999/(2)/
- -------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 80.67 $ 63.81 $ 93.38 $112.46 $ 68.69 $ 34.13
- ----------------------------------------------------------------------------------------------------
Income (Loss) From Operations:
Net investment loss (0.19) (0.30) (0.41) (0.45) (0.30) (0.29)
Net realized and unrealized gain (loss) 14.93 17.16 (29.16) (18.63) 44.79 35.73
- ----------------------------------------------------------------------------------------------------
Total Income (Loss) From Operations 14.74 16.86 (29.57) (19.08) 44.49 35.44
- ----------------------------------------------------------------------------------------------------
Less Distributions From:
Net realized gains -- -- -- -- (0.72) (0.88)
- ----------------------------------------------------------------------------------------------------
Total Distributions -- -- -- -- (0.72) (0.88)
- ----------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 95.41 $ 80.67 $ 63.81 $ 93.38 $112.46 $ 68.69
- ----------------------------------------------------------------------------------------------------
Total Return 18.27%++ 26.42% (31.67)% (16.97)% 65.42% 105.15%
- ----------------------------------------------------------------------------------------------------
Net Assets, End of Period (millions) $1,294 $876 $178 $200 $219 $172
- ----------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses 0.80%+ 0.81% 0.82% 0.82% 0.82% 0.82%
Net investment loss (0.45)+ (0.43) (0.49) (0.45) (0.34) (0.53)
- ----------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 3% 1% 1% 0% 1% 8%
- ----------------------------------------------------------------------------------------------------
(1)For the six months ended February 29, 2004 (unaudited).
(2) Per share amounts have been calculated using the monthly average shares
method.
++Total return is not annualized, as it may not be representative of the total
return for the year.
+ Annualized.
14 Smith Barney Aggressive Growth Fund Inc.. | 2004 Semi-Annual Report
SMITH BARNEY
AGGRESSIVE GROWTH FUND INC.
DIRECTORS INVESTMENT ADVISER
Paul R. Ades AND ADMINISTRATOR
Dwight B. Crane Smith Barney Fund
R. Jay Gerken, CFA Management LLC
Chairman
Frank G. Hubbard DISTRIBUTORS
Jerome H. Miller Citigroup Global Markets Inc.
Ken Miller PFS Distributors, Inc.
OFFICERS CUSTODIAN
R. Jay Gerken, CFA State Street Bank and
President and Trust Company
Chief Executive Officer
TRANSFER AGENT
Andrew B. Shoup Citicorp Trust Bank, fsb.
Senior Vice President and 125 Broad Street, 11th Floor
Chief Administrative Officer New York, New York 10004
Richard L. Peteka SUB-TRANSFER AGENTS
Chief Financial Officer PFPC Inc.
and Treasurer P.O. Box 9699
Providence, Rhode Island
Richard A. Freeman 02940-9699
Vice President and
Investment Officer Primerica Shareholder Services
P.O. Box 9662
Andrew Beagley Providence, Rhode Island
Chief Anti-Money 02940-9662
Laundering Compliance
Officer
Kaprel Ozsolak
Controller
Robert I. Frenkel
Secretary and
Chief Legal Officer
Smith Barney Aggressive Growth Fund Inc.
A description of the policies and procedures that the Fund uses to determine
how to vote proxies relating to portfolio securities is available without
charge, upon request, by telephoning the Fund (toll-free) at 1-800-451-2010
and by visiting the SEC's web site at www.sec.gov.
This report is submitted for the general information of the shareholders of
the Smith Barney Aggressive Growth Fund Inc., but it may also be used as sales
literature when preceded or accompanied by a current Prospectus.
SMITH BARNEY AGGRESSIVE GROWTH FUND INC.
Smith Barney Mutual Funds
125 Broad Street
10th Floor, MF-2
New York, New York 10004
This document must be preceded or accompanied by a free prospectus. Investors
should consider the fund's investment objectives, risks, charges and expenses
carefully before investing. The prospectus contains this and other important
information about the fund. Please read the prospectus carefully before you
invest or send money.
www.smithbarneymutualfunds.com
(C)2004 Citigroup Global Markets Inc. Member NASD, SIPC
FD02208 4/04 04-6458
ITEM 2. CODE OF ETHICS.
Not Applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not Applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal
financial officer have concluded that the registrant's disclosure
controls and procedures (as defined in Rule 30a- 3(c) under the
Investment Company Act of 1940, as amended (the "1940 Act")) are
effective as of a date within 90 days of the filing date of this
report that includes the disclosure required by this paragraph,
based on their evaluation of the disclosure controls and procedures
required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under
the Securities Exchange Act of 1934.
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940
Act) that occurred during the registrant's last fiscal half-year
(the registrant's second fiscal half-year in the case of an annual
report) that have materially affected, or are likely to materially
affect the registrant's internal control over financial reporting.
ITEM 10. EXHIBITS.
(a) Not applicable.
(b) Attached hereto.
Exhibit 99.CERT Certifications pursuant to section 302 of the
Sarbanes-Oxley Act of 2002
Exhibit 99.906CERT Certifications pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this Report to be
signed on its behalf by the undersigned, there unto duly authorized.
Smith Barney Aggressive Growth Fund Inc.
By: /s/ R. Jay Gerken
R. Jay Gerken
Chief Executive Officer of
Smith Barney Aggressive Growth Fund Inc.
Date: April 29, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ R. Jay Gerken
R. Jay Gerken
Chief Executive Officer of
Smith Barney Aggressive Growth Fund Inc.
Date: April 29, 2004
By: /s/ Richard L. Peteka
Richard L. Peteka
Chief Financial Officer of
Smith Barney Aggressive Growth Fund Inc.
Date: April 29, 2004