We suffered loss like everyone else. This is a generic problem, not something that can be blamed on American Express or your American Express broker. It is something that can, and has, happened with thousands of mutual funds available to the public. It also could be a lot worse. Most investors have great difficulty understanding that their income and capital gains distributions are not directly related to what has happened to their particular investment in the last year.
Distributions are tax events for the portfolio as a whole.
If you buy shares in a fund with substantial unrealized capital gains, there is a very good chance that you will eventually pay taxes on those gains even if the fund is a flat-liner after your purchase. There are two ways. First, you can ask about unrealized capital gains in the portfolio before you buy. This information is available on the quarterly statements for the fund. It is also available from services like Morningstar.