Fund Description

The fund was incepted in December 1987 and is managed by Smith Barney Fund Management. The objective of the fund is to provide Massachusetts's investors with as high a level of dividend income exempt from federal income taxes and Massachusetts personal income taxes as is consistent with prudent investment management and the preservation of capital. The fund invests at least 80% of its net assets in Massachusetts's municipal securities. The fund provides monthly income exempt from federal income taxes and Massachusetts personal income taxes. Dividends are distributed monthly. The fund generally makes capital gain distributions, if any, once a year, typically in December.