Fund Description

The fund was incepted in November 2002 and is managed by the Columbia Management Advisors, Inc. The fund seeks to provide investors with current income. The fund invests primarily in a diversified portfolio of municipal securities issued by the state and local governments and other political or public bodies or agencies that pay interest exempt from federal tax income (including the federal alternative minimum tax). At least 80% of its net assets are invested in municipal securities and mutual funds that invest in municipal securities. It may also invest up to 20% of its net assets in debt securities that pay interest that is not exempt from federal income tax. The fund declares dividends daily and pays them monthly. The fund declares capital gains annually.