CitiSelect Asia Tilt Balanced

Transcription

1 CitiSelect Portfolios CitiSelect Asia Tilt Balanced As at 31 July 2006 INVESTMENT MANAGER Smith Barney Fund Management LLC ABOUT THE FUND The Fund seeks to increase capital value through a balanced investment in i) global equities markets, with a particular emphasis toward Asian equities markets and ii) fixed income securities traded on an official exchange, in a Regulated Market, or recognised market which is open to the public. Such fixed income securities may be either US Dollar or non-us Dollar denominated bonds. FUND DETAILS Reference Currency US Dollar Minimum None Investment Amount 1 Fees 2 - Subscription Fee Up to 5.00% - Management Fee Up to 1.75% p.a. Trading Frequency Daily Share Class Inception - Class A USD 17 June 1996 Domicile Luxembourg NAV Listing The Financial Times / Hong Kong Economic Journal / South China Morning Post ISIN Code LU Bloomberg Ticker CITA3BI FUND SNAPSHOT Class A USD NAV USD High* USD Low* USD 9.93 * Based on since inception month end prices NAV USD PERFORMANCE YTD 3 Months 1 Year 3 Years 5 Years Since Inception Class A USD 1.81% -2.88% 6.23% 30.15% 34.61% 67.79% Benchmark 3.46% -1.88% 8.21% 38.66% 48.86% 77.05% Calendar Year Class A USD 9.44% 6.54% 17.52% -5.17% -3.41% % Benchmark 9.78% 10.40% 19.41% -2.00% -1.15% -8.82% - Performance is net of fees and is calculated on a NAV to NAV basis (USD). - Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gains distribution derived from securities held in the fund. Since Inception figures are calculated from the first full month of investment. Past performance is not indicative of future performance. - Benchmark: 50% Lehman Brothers Global Aggregate (hedged to USD), 30% MSCI AC World Free and 20% MSCI AC Far East Free ex Japan ex China. From 30/05/2003 to 13/01/2005, the benchmark was 50% Lehman Brothers US Govt Bond Index, 30% MSCI AC World Free and 20% MSCI AC Far East Free ex Japan ex China. From 01/08/2001 to 29/05/2003, the benchmark was 50% Lehman Brothers US Govt Bond Index, 30% MSCI AC World Free and 20% MSCI AC Far East Free ex Japan. Prior to 01/08/2001, the benchmark was 50% SSB World Govt Bond Index, 15% S&P 500, 5% MSCI Japan, 5% MSCI Europe and 25% MSCI AC Far East Free ex Japan. ASSET ALLOCATION 3 TOP FIVE INDUSTRIES 3 %ofnav Asset backed and mortgage 14.71% backed securities Governments 12.90% Banks 12.56% Financial services 7.19% Semiconductors 5.05% Global Bonds 44.34% Asia-Pacific Equities 19.31% US Equities 17.10% European Equities 11.13% Cash 4.25% Japanese Equities 3.75% Emerging Markets Equities 0.12% 5.00 Class A USD /96 7/97 7/98 7/99 7/00 7/01 7/02 7/03 7/04 7/05 7/06 Fund Size USD 31 million 1 Certain distributors appointed by the Managers may require higher investment amounts. Please check with the respective distributors for details. 2 Other fees may apply and certain fees are subject to increase. Please see the offering document for further details of the fund. 3 Subject to change at any time. TOP FIVE EQUITY HOLDINGS Sector (Country) % of NAV SAMSUNG ELECTRONIC Information Technology (Korea) 1.73% TAIWAN SEMICONDUCTOR Information Technology (Taiwan) 1.27% KOOKMIN BANK Financials (Korea) 1.14% HON HAI PRECISION Information Technology (Taiwan) 0.88% HYUNDAI MOTOR COMPANY Consumer Discretionary (Korea) 0.71% Total: 5.73% TOP FIVE BOND HOLDINGS Sector (Country) % of NAV DEV BANK JAPAN 1.6% 20/JUN/14 Government guaranteed bonds (Japan) 1.72% GERMANY(FED REP) 6.25% 04/JAN/24 Governments (Germany) 1.72% BUNDESOBL % 10/OCT/08 Governments (Germany) 1.52% AUSTRALIAN 5.25% 05-15/AUG/10 Governments (Australia) 1.13% US TREASURY N/B 4.50% 06-15/FEB/36 Governments (United States) 1.04% Total: 7.13%

2 CitiSelect Portfolios CitiSelect Asia Tilt Balanced IMPORTANT NOTICE This document is for information only and is not intended to provide investment advice. All charts, data, opinions, estimates and other information are provided as of the date of this document and may be subject to change without notice. Where past performance is quoted, such figures are not indicative of future performance. This document does not constitute an offer or solicitation to buy or sell any units or shares in any fund. Investors intending to subscribe for any units or shares of a fund should refer to the fund s most current offering document. INVESTMENT INVOLVES RISKS. INVESTORS SHOULD READ AND UNDERSTAND THE FUND S OFFERING DOCUMENT PRIOR TO ANY SUBSCRIPTION. Investment returns are denominated in the fund s base currency. Where the fund s base currency is not US/HK dollar, US/HK dollar-based investors are exposed to exchange rate fluctuations. Distribution of this document may be restricted in jurisdictions, other than Hong Kong. Any person coming into possession of this document should seek advice for details of, and observe, such restrictions (if any). IMPORTANT INFORMATION The following supplements the information contained in written material relating to any of the following funds: Citi FCP; Citi Institutional Liquidity Fund PLC; Citi Investment Funds (Cayman) Limited; CitiMoney FCP; CitiSelect Portfolios and Salomon Brothers Global Horizons Funds. On December 1, 2005, Citigroup Inc. ( Citigroup ) sold substantially all of its worldwide asset management business, Citigroup Asset Management ( CAM ), to Legg Mason, Inc. ( Legg Mason ). As part of this transaction, the management companies and/or investment advisers for the funds referenced herein became wholly owned subsidiaries of Legg Mason. Under a licensing agreement between Citigroup and Legg Mason, the names of funds, the names of any classes of shares or units of funds, and the names of management companies and/or investment advisers of funds, as well as all logos, trademarks and service marks related to Citigroup or any of its affiliates ( Citi Marks ) are licensed for use by Legg Mason. Citi Marks include, but are not limited to, Salomon Brothers Global Horizons, Salomon Brothers, Citi, the Umbrella Device and Citigroup Asset Management. All Citi Marks are owned by Citigroup, and used under license. Legg Mason and its affiliates, as well as the funds management companies and/or investment advisers, are not affiliated with Citigroup Legg Mason Investor Services, LLC

3 CitiSelect Portfolios CitiSelect Asia T ilt Growth As at 31 July 2006 SCMP Fund Manager of the Year Asset Allocation Global Dynamic (5-year) INVESTMENT MANAGER Smith Barney Fund Management LLC ABOUT THE FUND The Fund seeks to increase capital value through a primary emphasis on the global equities markets, with a particular emphasis towards Asian equities markets and a secondary emphasis on fixed income securities traded on an official exchange, in a Regulated Market, or recognised market which is open to the public. Such fixed income securities may be either US Dollar or non-us Dollar denominated bonds. FUND DETAILS Reference Currency US Dollar Minimum None Investment Amount 1 Fees 2 - Subscription Fee Up to 5.00% - Management Fee Up to 1.85% p.a. Trading Frequency Daily Share Class Inception - Class A USD 17 June 1996 Domicile Luxembourg NAV Listing The Financial Times / Hong Kong Economic Journal / South China Morning Post ISIN Code LU Bloomberg Ticker CITA4GI FUND SNAPSHOT Class A USD NAV USD High* USD Low* USD 8.62 * Based on since inception month end prices NAV USD PERFORMANCE YTD 3 Months 1 Year 3 Years 5 Years Since Inception Class A USD 2.57% -4.31% 8.49% 38.75% 38.75% 59.06% Benchmark 4.69% -3.06% 10.85% 50.42% 55.42% 52.40% Calendar Year Class A USD 11.61% 7.72% 23.92% % -7.18% % Benchmark 11.81% 13.09% 26.14% -7.62% -6.01% % - Performance is net of fees and is calculated on a NAV to NAV basis (USD). - Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gains distribution derived from securities held in the fund. Since inception figures are calculated from the first full month of investment. Past performance is not indicative of future performance. - Benchmark: 30% Lehman Brothers Global Aggregate (hedged to USD), 45% MSCI AC World Free and 25% MSCI AC Far East Free ex Japan ex China. From 30/05/2003 to 13/01/2005, the benchmark was 30% Lehman Brothers US Govt Bond Index, 45% MSCI AC World Free and 25% MSCI AC Far East Free ex Japan ex China. From 1/08/2001 to 29/05/2003, the benchmark was 30% Lehman Brothers US Govt Bond Index, 45% MSCI AC World Free and 25% MSCI AC Far East Free ex Japan. Prior to 01/ , the benchmark was 25% SSB World Govt Bond Index, 15% S&P 500, 10% MSCI Japan, 10% MSCI Europe, 35% MSCI AC Far East Free ex Japan and 5% MSCI EMF. ASSET ALLOCATION 3 TOP FIVE INDUSTRIES 3 %ofnav Banks 12.36% Asset backed and mortgage 8.34% backed securities Governments 7.31% Financial services 6.92% Semiconductors 6.44% US Equities 25.48% Global Bonds 25.14% Asia-Pacific Equities 23.99% European Equities 16.74% Japanese Equities 5.61% Cash 2.89% Emerging Markets Equities 0.15% 4.00 Class A USD /96 7/97 7/98 7/99 7/00 7/01 7/02 7/03 7/04 7/05 7/06 Fund Size USD 34 million 1 Certain distributors appointed by the Managers may require higher investment amounts. Please check with the respective distributors for details. 2 Other fees may apply and certain fees are subject to increase. Please see the offering document for further details of the fund. 3 Subject to change at any time. TOP TEN EQUITY HOLDINGS Sector (Country) % of NAV SAMSUNG ELECTRONIC Information Technology (Korea) 2.15% TAIWAN SEMICONDUCTOR Information Technology (Taiwan) 1.57% KOOKMIN BANK Financials (Korea) 1.42% HON HAI PRECISION Information Technology (Taiwan) 1.09% HYUNDAI MOTOR COMPANY Consumer Discretionary (Korea) 0.88% SHINHAN FINANCIAL Financials (Korea) 0.78% SWIRE PACIFIC LTD Industrials (Hong Kong) 0.75% MERRILL LYNCH & CO Financials (United States) 0.75% SHINSEGAE CO LTD Consumer Discretionary (Korea) 0.73% DBS GROUP HOLDINGS Financials (Singapore) 0.70% Total: 10.82%

4 CitiSelect Portfolios CitiSelect Asia Tilt Growth Portfolio IMPORTANT NOTICE This document is for information only and is not intended to provide investment advice. All charts, data, opinions, estimates and other information are provided as of the date of this document and may be subject to change without notice. Where past performance is quoted, such figures are not indicative of future performance. This document does not constitute an offer or solicitation to buy or sell any units or shares in any fund. Investors intending to subscribe for any units or shares of a fund should refer to the fund s most current offering document. INVESTMENT INVOLVES RISKS. INVESTORS SHOULD READ AND UNDERSTAND THE FUND S OFFERING DOCUMENT PRIOR TO ANY SUBSCRIPTION. Investment returns are denominated in the fund s base currency. Where the fund s base currency is not US/HK dollar, US/HK dollar-based investors are exposed to exchange rate fluctuations. Distribution of this document may be restricted in jurisdictions, other than Hong Kong. Any person coming into possession of this document should seek advice for details of, and observe, such restrictions (if any). IMPORTANT INFORMATION The following supplements the information contained in written material relating to any of the following funds: Citi FCP; Citi Institutional Liquidity Fund PLC; Citi Investment Funds (Cayman) Limited; CitiMoney FCP; CitiSelect Portfolios and Salomon Brothers Global Horizons Funds. On December 1, 2005, Citigroup Inc. ( Citigroup ) sold substantially all of its worldwide asset management business, Citigroup Asset Management ( CAM ), to Legg Mason, Inc. ( Legg Mason ). As part of this transaction, the management companies and/or investment advisers for the funds referenced herein became wholly owned subsidiaries of Legg Mason. Under a licensing agreement between Citigroup and Legg Mason, the names of funds, the names of any classes of shares or units of funds, and the names of management companies and/or investment advisers of funds, as well as all logos, trademarks and service marks related to Citigroup or any of its affiliates ( Citi Marks ) are licensed for use by Legg Mason. Citi Marks include, but are not limited to, Salomon Brothers Global Horizons, Salomon Brothers, Citi, the Umbrella Device and Citigroup Asset Management. All Citi Marks are owned by Citigroup, and used under license. Legg Mason and its affiliates, as well as the funds management companies and/or investment advisers, are not affiliated with Citigroup Legg Mason Investor Services, LLC

5 Legg Mason Global Money Funds FCP (Luxembourg) Legg Mason Euro Money Fund Formerly known as CitiMoney Euro Fund As at 31 July 2006 INVESTMENT MANAGER Western Asset Management Company Limited ABOUT THE FUND The Fund will invest in Transferable Securities and/or other liquid financial assets with low volatility, minimal credit risk and high marketability, denominated in Euro and currencies of EMU countries, or foreign currencies fully hedged back into the Euro. At least two thirds of the net assets will be denominated in Euro. FUND DETAILS Reference Currency Euro Minimum None Investment Amount 1 Fees 2 - Subscription Fee Up to 1.00% - Management Fee Up to 0.70% p.a. Trading Frequency Daily Share Class Inception 31 March 1989 Domicile Luxembourg NAV Listing The Financial Times / Hong Kong Economic Journal / South China Morning Post ISIN Code LU Bloomberg Ticker CITICDM FUND SNAPSHOT EUR NAV EUR High* EUR Low* EUR * Based on since inception month end prices NAV EUR Unit NAV /96 7/97 7/98 7/99 7/00 7/01 7/02 7/03 7/04 7/05 7/06 Fund Size Average Yield to Maturity Average Maturity Average Duration EUR 128 million 2.47% 1.36 years 2.76 months PERFORMANCE YTD 3 Months 1 Year 3 Years 5 Years Since Inception Fund 1.10% 0.51% 1.70% 4.54% 10.26% 96.68% Benchmark 1.55% 0.72% 2.47% 6.86% 14.08% % Calendar Year Fund 1.40% 1.38% 1.80% 2.66% 3.91% 3.42% Benchmark 2.15% 2.11% 2.43% 3.39% 4.54% 4.28% - Performance is net of fees and is calculated on a NAV to NAV basis (EUR). - Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gains distribution derived from securities held in the fund. Since inception figures are calculated from the first full month of investment. Past performance is not indicative of future performance. - The NAV was calculated on fixed rate in ECU and EURO as of 31/12/1998. The overall performance is calculated in Euro (with performance prior to 1/1/1999 restated in ECU (euro) ). Prior to 1/1/1999, the fund was denominated in ECU; after 1/1/1999, the fund has been redenominated in Euro dollars. US/HK dollar-based investors are therefore exposed to fluctuations in the US/HK dollar/euro dollar exchange rate. - Benchmark: Citigroup 3-month Eurodeposit Index (EUR). Prior to 01/01/1999, the benchmark was denominated in DEM. MATURITY ALLOCATION 3 Less than 1 year 45.79% Over 1 and less than 3 years 29.06% Over 3 and less than 5 years 10.58% Over 5 and less than 8 years 8.11% Over 8 years 5.88% Cash 0.58% TOP TEN HOLDINGS 3 %ofnav GE CAPITAL EURO FUNDING FRN 06-01/MAR/ % NATIONWIDE BLDG SOC FRN 27/SEP/ % WHISTLEJACKET CAPITAL CP 0% 01/MAR/ % BANQUE FED DU CREDIT MU CP 0% 29/JAN/ % NATEXIS BANQUES FRN 28/MAY/ % PACCAR FINANCIAL EUROPE FRN 15/DEC/ % BANK OF NEW ZEALAND CP 0% 16/FEB/ % ULSTER BANK FIN PLC FRN 05-27/JUN/ % MORGAN STANLEY FRN 29/MAY/ % GE CAP EUR FUND FRN 05/DEC/ % Total: 39.65% 1 Certain distributors appointed by the Managers may require higher investment amounts. Please check with the respective distributors for details. 2 Other fees may apply and certain fees are subject to increase. Please see the offering document for further details of the fund. 3 Subject to change at any time.

6 Legg Mason Global Money Funds FCP (Luxembourg) Legg Mason Euro Money Fund Formerly known as CitiMoney Euro Fund IMPORTANT NOTICE This document is for information only and is not intended to provide investment advice. All charts, data, opinions, estimates and other information are provided as of the date of this document and may be subject to change without notice. Where past performance is quoted, such figures are not indicative of future performance. This document does not constitute an offer or solicitation to buy or sell any units or shares in any fund. Investors intending to subscribe for any units or shares of a fund should refer to the fund s most current offering document. INVESTMENT INVOLVES RISKS. INVESTORS SHOULD READ AND UNDERSTAND THE FUND S OFFERING DOCUMENT PRIOR TO ANY SUBSCRIPTION. Investment returns are denominated in the fund s base currency. Where the fund s base currency is not US/HK dollar, US/HK dollar-based investors are exposed to exchange rate fluctuations. Distribution of this document may be restricted in jurisdictions, other than Hong Kong. Any person coming into possession of this document should seek advice for details of, and observe, such restrictions (if any). IMPORTANT INFORMATION The following supplements the information contained in written material relating to any of the following funds: Citi FCP; Citi Institutional Liquidity Fund PLC; Citi Investment Funds (Cayman) Limited; CitiMoney FCP; CitiSelect Portfolios and Salomon Brothers Global Horizons Funds. On December 1, 2005, Citigroup Inc. ( Citigroup ) sold substantially all of its worldwide asset management business, Citigroup Asset Management ( CAM ), to Legg Mason, Inc. ( Legg Mason ). As part of this transaction, the management companies and/or investment advisers for the funds referenced herein became wholly owned subsidiaries of Legg Mason. Under a licensing agreement between Citigroup and Legg Mason, the names of funds, the names of any classes of shares or units of funds, and the names of management companies and/or investment advisers of funds, as well as all logos, trademarks and service marks related to Citigroup or any of its affiliates ( Citi Marks ) are licensed for use by Legg Mason. Citi Marks include, but are not limited to, Salomon Brothers Global Horizons, Salomon Brothers, Citi, the Umbrella Device and Citigroup Asset Management. All Citi Marks are owned by Citigroup, and used under license. Legg Mason and its affiliates, as well as the funds management companies and/or investment advisers, are not affiliated with Citigroup Legg Mason Investor Services, LLC

7 Legg Mason Global Money Funds FCP (Luxembourg) Legg Mason US Dollar Money Fund Formerly known as CitiMoney US Dollar Fund As at 31 July 2006 INVESTMENT MANAGER Western Asset Management Company ABOUT THE FUND The Fund will invest in Transferable Securities and/or other liquid financial assets with low volatility, minimal credit risk and high marketability denominated in USD or fully hedged back into USD. At least two thirds of the net assets will be denominated in USD. FUND DETAILS Reference Currency US Dollar Minimum None Investment Amount 1 Fees 2 - Subscription Fee Up to 1.00% - Management Fee Up to 0.70% p.a. Trading Frequency Daily Share Class Inception 16 September 1985 Domicile Luxembourg NAV Listing The Financial Times / Hong Kong Economic Journal / South China Morning Post ISIN Code LU Bloomberg Ticker CITICUD FUND SNAPSHOT USD NAV USD 2, High* USD 2, Low* USD 1, * Based on since inception month end prices 2,600 NAV USD 2,500 2,400 2,300 2,200 2,100 2,000 1,900 1,800 Unit NAV 1,700 7/96 7/97 7/98 7/99 7/00 7/01 7/02 7/03 7/04 7/05 7/06 PERFORMANCE YTD 3 Months 1 Year 3 Years 5 Years Since Inception Fund 2.29% 1.12% 3.57% 5.91% 9.29% % Benchmark 2.61% 1.19% 4.11% 7.43% 11.36% % Calendar Year Fund 2.55% 0.73% 0.71% 1.29% 4.56% 5.96% Benchmark 3.00% 1.24% 1.08% 1.70% 4.09% 5.96% - Performance is net of fees and is calculated on a NAV to NAV basis (USD). - Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gains distribution derived from securities held in the fund. Since Inception figures are calculated from the first full month of investment. Past performance is not indicative of future performance. - Benchmark: Citigroup 3-month US Treasury Bill Index (USD). MATURITY ALLOCATION 3 Less than 1 year 61.82% Over 8 years 31.73% Cash 4.31% Over 1 and less than 3 years 1.18% Over 3 and less than 5 years 0.96% TOP TEN HOLDINGS 3 %ofnav STRAND CAPITAL LLC CP 0% 08/AUG/ % DEPFA BANK CP 0% 18/AUG/ % STANFIELD VICTORIA CP 0% 20/NOV/ % CHEYNE FINANCE CP 0% 21/NOV/ % CREDIT SUISSE NY CD 5.16% 18/OCT/ % KKR PACIFIC FUNDING CP 0% 07/AUG/ % KKR PACIFIC FUNDING CP 0% 24/AUG/ % FREDDIE DISCOUNT 0% 06-16/FEB/ % COBBLER FUNDING CP 0% 28/SEP/ % CULLINAN FINANCE CP 0% 23/OCT/ % Total: 36.87% Fund Size Average Yield to Maturity Average Maturity Average Duration USD 415 million 5.53% 2.33 months 2.52 months 1 Certain distributors appointed by the Managers may require higher investment amounts. Please check with the respective distributors for details. 2 Other fees may apply and certain fees are subject to increase. Please see the offering document for further details of the fund. 3 Subject to change at any time.

8 Legg Mason Global Money Funds FCP (Luxembourg) Legg Mason US Dollar Money Fund Formerly known as CitiMoney US Dollar Fund IMPORTANT NOTICE This document is for information only and is not intended to provide investment advice. All charts, data, opinions, estimates and other information are provided as of the date of this document and may be subject to change without notice. Where past performance is quoted, such figures are not indicative of future performance. This document does not constitute an offer or solicitation to buy or sell any units or shares in any fund. Investors intending to subscribe for any units or shares of a fund should refer to the fund s most current offering document. INVESTMENT INVOLVES RISKS. INVESTORS SHOULD READ AND UNDERSTAND THE FUND S OFFERING DOCUMENT PRIOR TO ANY SUBSCRIPTION. Investment returns are denominated in the fund s base currency. Where the fund s base currency is not US/HK dollar, US/HK dollar-based investors are exposed to exchange rate fluctuations. Distribution of this document may be restricted in jurisdictions, other than Hong Kong. Any person coming into possession of this document should seek advice for details of, and observe, such restrictions (if any). IMPORTANT INFORMATION The following supplements the information contained in written material relating to any of the following funds: Citi FCP; Citi Institutional Liquidity Fund PLC; Citi Investment Funds (Cayman) Limited; CitiMoney FCP; CitiSelect Portfolios and Salomon Brothers Global Horizons Funds. On December 1, 2005, Citigroup Inc. ( Citigroup ) sold substantially all of its worldwide asset management business, Citigroup Asset Management ( CAM ), to Legg Mason, Inc. ( Legg Mason ). As part of this transaction, the management companies and/or investment advisers for the funds referenced herein became wholly owned subsidiaries of Legg Mason. Under a licensing agreement between Citigroup and Legg Mason, the names of funds, the names of any classes of shares or units of funds, and the names of management companies and/or investment advisers of funds, as well as all logos, trademarks and service marks related to Citigroup or any of its affiliates ( Citi Marks ) are licensed for use by Legg Mason. Citi Marks include, but are not limited to, Salomon Brothers Global Horizons, Salomon Brothers, Citi, the Umbrella Device and Citigroup Asset Management. All Citi Marks are owned by Citigroup, and used under license. Legg Mason and its affiliates, as well as the funds management companies and/or investment advisers, are not affiliated with Citigroup Legg Mason Investor Services, LLC

9 SBGH Funds SBGH U.S. Adjustable Rate Income Fund As at 31 July 2006 Micropal Star Rating Lipper Leader 4 Preservation INVESTMENT MANAGER Smith Barney Fund Management LLC ABOUT THE FUND Seeks high current income and to limit the degree of fluctuation of its net asset value resulting from movements in interest rates. FUND DETAILS Reference Currency US Dollar Minimum Investment Amount 1 - Initial USD5,000 - Subsequent USD1,000 Fees 2 - Subscription Fee Up to 5.00% - Management Fee Up to 0.60% p.a. Trading Frequency Daily Share Class Inception - Class A (Acc) 1 April Class A (Dis) 1 April 2003 Domicile Dublin, Ireland NAV Listing The Financial Times / Hong Kong Economic Journal / South China Morning Post ISIN Code IE / IE Bloomberg Ticker SALUAAA / SALUAAD FUND SNAPSHOT Class A (Acc) USD Class A (Dis) USD NAV USD USD 9.84 High* USD USD Low* USD USD 9.84 * Based on since inception month end prices PERFORMANCE YTD 3 Months 1 Year 3 Years 5 Years Since Inception Class A (Acc) 2.02% 0.95% 2.92% 5.48% N/A 5.90% Class A (Dis) 1.97% 0.83% 2.85% 5.39% N/A 5.80% Benchmark 2.61% 1.19% 4.13% 7.57% 11.97% 7.88% Calendar Year Class A (Acc) 2.06% 0.89% 0.80% N/A N/A N/A Class A (Dis) 2.01% 0.95% 0.77% N/A N/A N/A Benchmark 3.03% 1.31% 0.73% N/A N/A N/A - Performance is net of fees and is calculated on a NAV to NAV basis (USD). - Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gains distribution derived from securities held in the Fund. Since Inception figures are calculated from the first full month of investment. Past performance is not indicative of future performance. - (Acc) = Accumulation Units. (Dividends rolled up during the financial year and declared and paid at the end of the financial year). (Dis) = Distribution Units. (Dividends declared on a daily or monthly basis and paid out on a monthly basis.) - Class A (Acc), Class A (Dis) and Benchmark performance for Year 2003 are not annualized. - Since inception benchmark figures are calculated from the fund s earliest inception date. - Benchmark : Citigroup 6-Month U.S. Treasury Bill Index. ASSET ALLOCATION 3 Mortgages 90.80% Asset Backed 5.70% Cash 3.50% NAV USD Class A (Dis) 4/03 10/03 4/04 10/04 4/05 10/05 4/06 Fund Size USD 186 million 30-Day Yield^ - Class 3.94% A (Dis) Number of Holdings Certain distributors appointed by the Managers may require higher investment amounts. Please check with the respective distributors for details. 2 Other fees may apply and certain fees are subject to increase. Please see the offering document for further details of the Fund. 3 Subject to change at any time. 4 Source: Lipper. The rating does not mean the Fund is guaranteed. ^ Annualized. The 30-day yield is a measure of the average net actual investment income per share, earned over a specific 30-day period, expressed as a percentage rate. CREDIT QUALITY ALLOCATION 3 % of NAV AAA 94.95% Cash 3.50% AA 1.55% TOP TEN BOND HOLDINGS 3 % of NAV GGP Mall Properties 2/15/ % 02/15/ % FNMA TBA 5% AUG Mat 08/15/ % FNMA, 4.575% 5/1/ % FNMA Pool % 7/1/ % RAMC A 1.6% Mat 12/25/ % WFMBS 4.583% DUE 11/25/ % FNMA, 3.605% due 9/1/ % FN % 9/1/ % Cendant Mtg Corp., 1.691% 7/25/ % BEAR STEARNS ASSET BACKED, 1.7% Mat 10/25/2033 Total: 1.48% 17.05%

10 SBGH Funds SBGH U.S. Adjustable Rate Income Fund IMPORTANT NOTICE This document is for information only and is not intended to provide investment advice. All charts, data, opinions, estimates and other information are provided as of the date of this document and may be subject to change without notice. Where past performance is quoted, such figures are not indicative of future performance. This document does not constitute an offer or solicitation to buy or sell any units or shares in any fund. Investors intending to subscribe for any units or shares of a fund should refer to the Fund s most current offering document. INVESTMENT INVOLVES RISKS. INVESTORS SHOULD READ AND UNDERSTAND THE FUND S OFFERING DOCUMENT PRIOR TO ANY SUBSCRIPTION. Investment returns are denominated in the fund s base currency. Where the fund s base currency is not US/HK dollar, US/HK dollar-based investors are exposed to exchange rate fluctuations. Distribution of this document may be restricted in jurisdictions, other than Hong Kong. Any person coming into possession of this document should seek advice for details of, and observe, such restrictions (if any). IMPORTANT INFORMATION The following supplements the information contained in written material relating to any of the following funds: Citi FCP; Citi Institutional Liquidity Fund PLC; Citi Investment Funds (Cayman) Limited; CitiMoney FCP; CitiSelect Portfolios and Salomon Brothers Global Horizons Funds. On December 1, 2005, Citigroup Inc. ( Citigroup ) sold substantially all of its worldwide asset management business, Citigroup Asset Management ( CAM ), to Legg Mason, Inc. ( Legg Mason ). As part of this transaction, the management companies and/or investment advisers for the funds referenced herein became wholly owned subsidiaries of Legg Mason. Under a licensing agreement between Citigroup and Legg Mason, the names of funds, the names of any classes of shares or units of funds, and the names of management companies and/or investment advisers of funds, as well as all logos, trademarks and service marks related to Citigroup or any of its affiliates ( Citi Marks ) are licensed for use by Legg Mason. Citi Marks include, but are not limited to, Salomon Brothers Global Horizons, Salomon Brothers, Citi, the Umbrella Device and Citigroup Asset Management. All Citi Marks are owned by Citigroup, and used under license. Legg Mason and its affiliates, as well as the funds management companies and/or investment advisers, are not affiliated with Citigroup Legg Mason Investor Services, LLC