Fund Description

The fund was incepted in September1986 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 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, which are rated below investment grade by Moody?s, S&P or other nationally recognized rating agencies, or comparable unrated securities. The fund declares dividends daily and distributes them monthly. The fund distributes capital gains annually.