Fund Description

The fund was incepted in November 1978 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, by pursuing current income exempt from federal income tax and opportunities for long-term appreciation. The fund invests at least 80% of its total assets in tax-exempt bonds. The fund invests at least 65% of its total assets in tax-exempt bonds that are rated investment grade, which means that they are rated at least BBB (or Baa) by a nationally recognized rating agency. The fund may invest up to 35% of its total assets in bonds rated below investment grade by a nationally recognized rating agency and bonds that are not rated, provided that the fund?s total investments in unrated bonds may not exceed 25% of its total assets. The fund declares dividends daily and distributes them monthly. Capital gains are distributed annually.