Fund Description

The fund was incepted in March 1995 and is managed by American Express Financial Corporation. The fund seeks to provide shareholders with as much current income exempt from federal income taxes as possible with only modest risk to the shareholder?s investments. The fund invests at least 80% of its net assets in bonds and other debt obligations issued by or on behalf of state or local governmental units whose interest is exempt from federal income tax. Dividends and capital gains, if any, are distributed annually.