  We study the low-temperature behavior of a magnetic impurity which is weakly
coupled to correlated conduction electrons. To account for conduction electron
interactions a diagrammatic approach in the frame of the 1/N expansion is
developed. The method allows us to study various consequences of the conduction
electron correlations for the ground state and the low-energy excitations. We
analyse the characteristic energy scale in the limit of weak conduction
electron interactions. Results are reported for static properties (impurity
valence, charge susceptibility, magnetic susceptibility, and specific heat) in
the low-temperature limit.
