Press Releases

News Release 
April 25, 2006

Reporters may contact:
Tom Gariepy -- (617) 346-3467
tom.gariepy@bankofamerica.com

BOSTON – Columbia Management, the primary investment management arm of Bank of America, today announced a plan to further consolidate its mutual fund lineup. The mergers, approved by the Boards of Trustees at their April meetings, must be approved by shareholders of the funds that are being acquired.

The announcement is a continuation of Columbia Management’s plan to simplify the investment choices offered to advisors and their clients, which began in late 2004. By the end of 2005, the organization had reduced the number of long-term retail funds from 119 to 87, resulting in expense savings that have been passed along to shareholders.

“These mergers are another step toward our goal of creating a simplified lineup of mutual funds and achieving expense savings for our fund shareholders,” said Columbia President Keith Banks.

This phase of the mergers affects 11 funds. They are:

• Columbia Small Company Equity Fund ($218.2 million) into Columbia Small Cap Growth Fund II ($429.6 million).
• Columbia Tax-Managed Growth Fund* ($254.3 million) and Columbia Growth Stock Fund ($489.7 million) into Columbia Large Cap Growth Fund* $1.48 billion).
• Columbia Utilities Fund ($385.2 million) into Columbia Dividend Income Fund ($526.2 million).
• Columbia Marsico Mid Cap Growth Fund ($540.1 million) into Columbia Mid Cap Growth Fund ($867.5 million).
• Columbia Young Investor Fund ($760.6 million) into Columbia Strategic Investor Fund ($492.7 million).
• Columbia Tax-Exempt Insured Fund ($135.3 million) and Columbia Municipal Income Fund ($593.1 million) into Columbia Tax-Exempt Fund* ($1.96 billion).
• Columbia Florida Intermediate Municipal Bond Fund* ($281.2 million) and Columbia Texas Intermediate Municipal Bond Fund ($197.7 million) into Columbia Intermediate Municipal Bond Fund* ($2.13 billion).
• Columbia Intermediate Core Bond Fund* ($883.7 million) into Columbia Core Bond Fund ($1.04 billion).

  All assets under management are as of December 31, 2005. Funds marked by an asterisk were involved in a merger in 2005. In addition, in 2005 Nations Funds were re-branded Columbia Funds. See the most recent fund prospectus for additional information.

  If approved by shareholders, the mergers are expected to be completed in the late third quarter of 2006.

  Columbia Management, based in Boston, MA, is the primary investment management organization of Bank of America. Columbia Management offers products across an array of major asset classes and investment styles available to individual and institutional investors. With $361.1¹ billion in assets under management as of December 31, 2005, Columbia Management is focused on delivering strong investment performance and superior client service.

  Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 38 million consumer and small business relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 14 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 97 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

  www.bankofamerica.com

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  Please consider the objectives, risks, charges and expenses of any Columbia fund carefully before investing. Contact your financial advisor for a prospectus, which contains this and other important information about the fund. You should read it carefully before investing.

  The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of the acquiring funds in the mergers, nor is it a solicitation of any proxy.

  Investment risks include stock market fluctuations due to business and economic developments. Investments in small- to mid-cap companies may be subject to greater volatility and price fluctuations because they may be thinly traded and less liquid. Value stocks may also be subject to specific business risks that have caused the stocks to be out of favor. International investing involves special risk, including foreign taxation, currency risk, risk associated with possible differences in financial standards, and other monetary and political risks. Bond investments are affected by interest rate changes and the creditworthiness of the issues held by the funds. When interest rates go up, bond prices typically drop, and vice versa. Lower quality debt securities involve greater risk of default or price volatility from changes in credit quality of individual issuers.

  Columbia Management is the primary investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and advise institutional and mutual fund portfolios. Columbia Funds are distributed by Columbia Management Distributors, Inc, member FINRA, SIPC. Columbia Management Distributors, Inc., is part of Columbia Management and an affiliate of Bank of America Corporation.

  NOT FDIC INSURED * May lose value * No bank guarantee