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Rating:Columbia to Swallow a RiverSource Closed-Ender Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, August 12, 2010

Columbia to Swallow a RiverSource Closed-Ender

Reported by Hung Tran

RiverSource LaSalle International Real Estate Fund, Inc. yesterday said that its board of directors has approved the acquisition of the LaSalle Closed-End Fund by an open-end fund, Columbia Real Estate Equity Fund, a series of Columbia Funds Series Trust I.

Each of the LaSalle Closed-End Fund and the Open-End Fund are managed by Columbia Management Investment Advisers.

Holders of the LaSalle fund's common stock will receive shares of the open-end fund with a value equal to the net asset value of their shares of the LaSalle closed-end fund common stock on the closing date of the acquisition. Investors who want to redeem or exchange shares of the open-end fund will be subject to a redemption fee of 2 percent for a period of one year following the closing date of the acquisition.

The acquisition is subject to the approval by the stockholders of the LaSalle closed-end fund at a special meeting of stockholders of the LaSalle closed-end fund.
Company Press Release

BOSTON, Aug 11, 2010 (BUSINESS WIRE) -- RiverSource LaSalle International Real Estate Fund, Inc. (the "LaSalle Closed-End Fund") /quotes/comstock/13*!sls/quotes/nls/sls (SLS 7.89, -0.19, -2.35%) announced today that its Board of Directors approved, in principle, the acquisition of the LaSalle Closed-End Fund by an open-end fund, Columbia Real Estate Equity Fund (the "Open-End Fund"), a series of Columbia Funds Series Trust I (the "Acquisition").

Each of the LaSalle Closed-End Fund and the Open-End Fund are managed by Columbia Management Investment Advisers, LLC. The Acquisition was also approved by the Open-End Fund's board of trustees.

As consideration for their shares, holders of the LaSalle Closed-End Fund's common stock would receive shares of the Open-End Fund with a value equal to the net asset value of their shares of the LaSalle Closed-End Fund common stock on the closing date of the Acquisition. Redemptions and exchanges of shares of the Open-End Fund issued pursuant to the Acquisition would be subject to a redemption fee of 2% for a period of one year following the closing date of the Acquisition.

The Acquisition would be subject to the approval by the stockholders of the LaSalle Closed-End Fund at a special meeting of Stockholders of the LaSalle Closed-End Fund, details of which will be made available in a subsequent announcement and included in the prospectus/proxy statement that will be mailed to stockholders of the LaSalle Closed-End Fund.

Important Disclosures: The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of a fund, nor is it a solicitation of any proxy. For information regarding the Open-end Fund, or to receive a free copy of a prospectus/proxy statement relating to the proposed Acquisition once a registration statement relating to the proposed Acquisition has been filed with the Securities and Exchange Commission ("SEC") and becomes effective, please call the telephone number of the proxy solicitor or visit its website, details of which may be obtained, when available, by contacting columbiamanagement.com. The prospectus/proxy statement (when available) will contain important information about fund objectives, strategies, fees, expenses and risk considerations. The prospectus/proxy statement will also be available for free on the SEC's website (www.sec.gov). Please read the prospectus/proxy statement carefully before making any decision to invest or to approve the Acquisition.

Columbia Management Investment Advisers, LLC is a wholly owned subsidiary of Ameriprise Financial, Inc. Columbia Management Investment Distributors, Inc. (formerly known as RiverSource Fund Distributors, Inc.) is the principal underwriter of the Columbia, Wanger, Columbia Acorn, RiverSource, Seligman and Threadneedle branded mutual funds.

SOURCE: Columbia Management Investment Advisers, LLC

Media contact: Charles Keller, 612-678-7786 charles.r.keller@ampf.com or Stockholder contact: Gary Terpening, 212-850-1533 gary.a.terpening@ampf.com  

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