Columbia Management has wrapped up the integration of 24 of the Excelsior funds it picked up as part of corporate parent Bank of America's purchase of Charles Schwab's U.S. Trust Corp. last year. Columbia executives said three more Excelsior funds are expected to be integrated into the Columbia family in May.

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Company Press Release

BOSTON, April 1, 2008 /PRNewswire/ -- Columbia Management today announced that it has completed the integration of 24 Excelsior funds into the Columbia Funds family. Excelsior fund shareholders approved the reorganization of the 24 funds into Columbia funds at special meetings held in March. Pending shareholder approval, three additional Excelsior funds are expected to be integrated into the Columbia Funds family in May 2008.

One part of the integration combines Excelsior and Columbia funds with similar investment objectives and principal investment strategies which will simplify investment choices for shareholders and advisors. A streamlined product line-up positions the combined funds to invest more efficiently, spread fixed costs over a larger asset base and potentially carry lower expense ratios. In addition, the remaining Excelsior funds that were not merged with Columbia funds have been reorganized as Columbia funds and rebranded with the Columbia name.

Commenting on the integration, Christopher L. Wilson, head of mutual funds, Columbia Management, said, "The Excelsior fund integration is part of Columbia Management's ongoing effort to provide shareholders with a unified and broad-based set of investment options that are designed to address their long-term needs and objectives. The completion of the Excelsior fund reorganizations and rebranding strengthens the Columbia Funds family and provides shareholders with a clearly defined and well represented family of investment solutions."

The Excelsior funds that were merged into existing Columbia funds include:

-- Equity Income Fund ($208.3 million) into Columbia Dividend Income Fund ($1,107 million)
-- Real Estate Fund ($40.6 million) into Columbia Real Estate Equity Fund ($295.6 million)
-- Short-Term Government Securities Fund ($256.6 million) into Columbia Short Term Bond Fund ($927.1 million)
-- Short-Term Tax-Exempt Securities Fund ($101.8 million) into Columbia Short Term Municipal Bond Fund ($408.5 million)
-- High Yield Fund ($70.9 million) into Columbia High Yield Opportunity Fund ($341.1 million)
-- Long-Term Tax-Exempt Fund ($60.6 million) into Columbia Tax-Exempt Fund ($2,450 million)
-- California Short Intermediate Term Tax-Exempt Income Fund ($50.5 million) into Columbia California Intermediate Municipal Bond Fund ($168.2 million)
-- New York Tax-Exempt Money Fund ($612.2 million) into Columbia New York Tax-Exempt Reserves ($370.4 million)
-- Government Money Fund ($381.2 million) into Columbia Government Plus Reserves ($836.6 million)
-- Treasury Money Fund ($397.9 million) into Columbia Government Reserves ($12,427.1 million)
-- Tax-Exempt Money Fund ($2,228.8 million) into Columbia Tax-Exempt Reserves ($6,870.5 million)

The Excelsior funds that were reorganized and rebranded as new Columbia funds include: -- Energy and Natural Resources Fund as Columbia Energy and Natural Resources Fund ($734.4 million in net assets)
-- Emerging Markets Fund as Columbia Emerging Markets Fund ($1,311 million in net assets)
-- Pacific/Asia Fund as Columbia Pacific/Asia Fund ($158.2 million in net assets) -- International Fund and International Equity Fund as Columbia International Growth Fund ($761.9 million in combined net assets)
-- Blended Equity Fund as Columbia Blended Equity Fund ($333.5 million in net assets)
-- Equity Opportunities Fund as Columbia Select Opportunities Fund ($404.6 million in net assets)
-- Large Cap Growth Fund as Columbia Select Large Cap Growth Fund ($960.4 million in net assets)
-- Small Cap Fund as Columbia Select Small Cap Fund ($770.8 million in net assets)
-- Mid Cap Value and Restructuring Fund as Columbia Mid Cap Value and Restructuring Fund ($303 million in net assets)
-- Value and Restructuring Fund as Columbia Value and Restructuring Fund ($9,429.9 million in net assets)
-- Core Bond Fund as Columbia Bond Fund ($549.6 million in net assets) -- Intermediate-Term Bond Fund as Columbia Short-Intermediate Bond Fund ($448.4 million in net assets)
 

Edited by: Armie Margaret Lee


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