Fund Description

The fund was incepted in May 1994 and is managed by Smith Barney Fund Management. The objective of the fund is to provide Oregon investors with as high a level of dividend income exempt from regular federal income taxes and Oregon state personal income taxes, as is consistent with prudent investment management and preservation of capital. The fund may invest up to 25% of its assets in securities rated below investment grade or, if unrated, determined by the manager to be of comparable quality (commonly known as 'junk bonds'). Dividends are distributed monthly. The fund generally makes capital gain distributions, if any, once a year, typically in December.