Press Release

RIVERSOURCE INVESTMENTS, LLC TO RENAME AMERICAN EXPRESS FUNDS TO RIVERSOURCE FUNDS

MINNEAPOLIS — September 22, 2005 — RiverSource Investments, LLC, a subsidiary of Ameriprise Financial, Inc., today announced that American Express Funds, the name of the mutual fund family to be advised by RiverSource Investments, LLC, intends to change its name to RiverSource Funds on Oct. 1, 2005 to coincide with the spin-off of Ameriprise Financial, Inc. from American Express.

RiverSource Funds will include more than 60 retail mutual funds and more than 20 variable portfolio mutual funds sold in variable annuity and variable insurance products offered by RiverSource Annuities and RiverSource Insurance. RiverSource Funds are currently available to individual and institutional U.S. investors through the personal advisors of Ameriprise Financial, Ameriprise Retirement Services and through a limited number of other institutions. The more than 60 retail mutual funds had approximately $60 billion in assets under management as of June 30, 2005.

"RiverSource Investments offers individual and institutional investors a broad range of equity and fixed income mutual funds designed to fit within the financial planning process," said Paula R. Meyer, senior vice president, RiverSource Investments. "In addition, RiverSource Investments is combining our investment capabilities with proprietary asset allocation models to create investment solutions that address investors' needs as they prepare for retirement." Meyer added, "We believe these capabilities, as well as our strength in shareholder communications, will help define the RiverSource Investments brand for clients and the public."

RiverSource mutual funds leverage the portfolio management, dedicated research, risk management, proprietary asset allocation modeling and other services of RiverSource Investments as well as the portfolio management and research at Threadneedle Investments, Ameriprise Financial's London-based international investment platform. In addition, RiverSource Investments has demonstrated a capability of matching external subadvisors to create mutual funds managed by multiple asset managers with complementary investment styles. In each instance, whether products are internally-managed or subadvised, RiverSource Investments strives to deliver consistent, competitive investment performance to shareholders, plan sponsors and intermediaries.

In addition to the upcoming rebranding of the firm's mutual funds, RiverSource Investments is renaming certain equity and fixed income mutual funds to provide shareholders and prospective investors with greater clarity about the funds' investment objectives. The following funds are being renamed on Oct. 1:

Equity:

AXP^® Quantitative Large Cap Equity Fund will become RiverSource^SM Disciplined Equity Fund
AXP^® Managed Allocation Fund will become RiverSource^SM Strategic Allocation Fund
AXP^® Mutual Fund will become RiverSource^SM Balanced Fund
AXP^® VP Managed Fund will become RiverSource^SM VP Balanced Fund
AXP^® Partners Growth Fund will become RiverSource^SM Fundamental Growth Fund
AXP^® Equity Select Fund will become RiverSource^SM Mid Cap Growth Fund
AXP^® VP Equity Select Fund will become RiverSource^SM VP Mid Cap Growth Fund
AXP^® Partners International Core Fund will become RiverSource^SM International Equity Fund
AXP^® Partners Small Cap Core Fund will become RiverSource^SM Small Cap Equity Fund
AXP^® Threadneedle International Fund will become RiverSource^SM International Opportunity Fund
AXP^® VP Threadneedle International Fund will become RiverSource^SM VP International Opportunity Fund

Fixed Income:

AXP^® Tax Free Money Fund will become RiverSource^SM Tax-Exempt Money Market Fund
AXP^® High Yield Tax Exempt Fund will become RiverSource^SM Tax-Exempt High Income Fund

All mutual funds names that currently include Threadneedle or Partners will change to RiverSource to create naming consistency across the fund family. For a complete listing of funds to be renamed, go to www.ameriprise.com/funds. As of Nov.1, a complete listing of RiverSource Funds will be available at www.riversource.com/investments.

RiverSource Investments develops and manages asset growth, preservation and income solutions that revolve around the needs of today's investors. The firm's specialized investment platform provides access to investment and research professionals located in strategic investment centers in the United States and overseas. As a leading source of investment insight and innovation, RiverSource Investments delivers a full range of solutions across the risk return spectrum, to retail investors and their advisors and to institutional investors including corporations, pension funds, governments, foundations and endowments.

RiverSource Investments, LLC is an SEC-registered investment adviser that offers investment products and services under the names RiverSource Institutional Advisors, RiverSource Alternative Investments, RiverSource Capital Management and RiverSource Insurance Assets.

Ameriprise Financial, Inc. is one of the nation's leading financial planning, asset management and insurance companies. Through Ameriprise Financial Services, Inc., its affiliated broker-dealer with a nationwide network of more than 10,500 financial advisors, Ameriprise Financial delivers financial solutions to clients through a comprehensive and personalized financial planning approach built on a long-term relationship with a knowledgeable advisor. The company specializes in meeting the retirement-related financial needs of the mass affluent. RiverSource Investments provides retail and institutional asset management products and services in the U.S. In Europe, such products and services are provided through Threadneedle Asset Management Limited. Ameriprise Retirement Services provides investment management and record keeping services to large and mid-size company 401(k) plans, as well as workplace financial education programs through Ameriprise Financial Services and Ameriprise Trust Company. For more information, visit www.ameriprise.com.

Ameriprise Financial Services, Inc., Member FINRA, and RiverSource Investments, LLC are part of Ameriprise Financial, Inc., which is expected to become independent of American Express on Sept. 30, 2005. After the expected separation, we will no longer be owned by the American Express Company. American Express branded products and services will be RiverSource products and services as a result of the separation.

You should consider the investment objectives, risks, charges and expenses of mutual funds carefully before investing. For a free prospectus, which contains this and other important information about our funds, call (800) 297-FUND. Read the prospectus carefully before you invest.

Investment products, including shares of mutual funds, are not federally or FDIC insured, are not deposits or obligations of, or guaranteed by, any financial institution and involve investment risks including possible loss of principal and fluctuation in value.

There are special risk considerations associated with international investing related to market, currency, economic, political and other factors.

Stocks of small- and mid-capitalization companies involve substantial risk. Historically, these stocks have experienced greater price volatility than stocks of larger companies, and they can be expected to do so in the future. Stocks of mid-capitalization companies may be slightly less volatile than those of small-capitalization companies but still involve substantial risk.

Insurance and annuities are issued and distributed by IDS Life Insurance Company, Member FINRA. Insurance and annuities are also issued by IDS Life Insurance Company of New York, Albany, NY, and distributed by Ameriprise Financial Services, Inc., Member FINRA. All are part of Ameriprise Financial, Inc.

RiverSource Press Releases

Press Release

RIVERSOURCE INVESTMENTS, LLC TO RENAME AMERICAN EXPRESS FUNDS TO RIVERSOURCE FUNDS

Equity:

Fixed Income:

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