Fund Description

The fund was incepted in December 2002 and is managed by the Columbia Management Advisors, Inc. The fund seeks as high a level of current interest income exempt from federal income tax and, to the extent possible, from the personal income tax of Massachusetts, as is consistent with relative stability of principal. The fund normally invests at least 80% of its net assets in the municipal securities of Massachusetts; and in mutual funds that invest in the state's municipal securities; and no more than 20% of its net assets in taxable obligations. The fund declares dividends daily and pays them monthly, and declares and pays capital gains annually.