Fund Description

The fund was incepted in June 1986 and is managed by Columbia Management Advisors, Inc. The fund seeks as high a level of after-tax total return as is consistent with prudent risk. The fund seeks to achieve its investment goal by pursuing current income exempt from federal income tax and its state?s personal income tax (if any) and by pursuing opportunities for long-term appreciation. The fund invests at least 80% of its total assets in municipal bonds, the interest on which is exempt from federal income tax and that state?s personal income tax. The fund may also invest up to 25% of its total assets in lower-rated debt securities. Dividends are declared daily and distributed monthly and capital gains are distributed annually.