497 1 complexsup.txt COMPLEX SUPPLEMENT MARKET TIMING
COLUMBIA FUNDS TRUST I COLUMBIA FUNDS TRUST VI Columbia High Yield Opportunity Fund Columbia Growth & Income Fund Columbia Strategic Income Fund Columbia Small Cap Value Fund Columbia Tax-Managed Growth Fund Columbia Newport Asia Pacific Fund Columbia Tax-Managed Growth Fund II* Columbia Tax-Managed Value Fund COLUMBIA FUNDS TRUST VII Columbia Tax-Managed Aggressive Growth Fund Columbia Newport Tiger Fund Columbia Europe Fund* COLUMBIA FUNDS TRUST II Columbia Newport Greater China Fund* COLUMBIA FUNDS TRUST VIII Columbia Money Market Fund* Columbia Income Fund* Columbia Intermediate Bond Fund* COLUMBIA FUNDS TRUST III Columbia Global Equity Fund COLUMBIA FUNDS TRUST IX Columbia Contrarian Income Fund* Columbia High Yield Municipal Fund* Columbia Intermediate Government Income Fund* Columbia Managed Municipals Fund* Columbia Quality Plus Bond Fund* Columbia Corporate Bond Fund* COLUMBIA FUNDS TRUST XI Columbia Federal Securities Fund Columbia Young Investor Fund Columbia Liberty Fund* Columbia Growth Stock Fund Columbia Mid Cap Value Fund Columbia Global Thematic Equity Fund* Columbia European Thematic Equity Fund* COLUMBIA FUNDS TRUST IV Columbia Asset Allocation Fund* Columbia Tax-Exempt Fund Columbia Large Cap Core Fund* Columbia Tax-Exempt Insured Fund Columbia International Equity Fund* Columbia Utilities Fund Columbia Large Cap Growth Fund* Columbia Municipal Money Market Fund* Columbia Disciplined Value Fund* Columbia Small Cap Fund* COLUMBIA FUNDS TRUST V Columbia Small Company Equity Fund* Columbia California Tax-Exempt Fund* Columbia Dividend Income Fund* Columbia Connecticut Tax-Exempt Fund* Columbia Massachusetts Tax-Exempt Fund* COLUMBIA FLOATING RATE ADVANTAGE FUND Columbia New York Tax-Exempt Fund COLUMBIA FLOATING RATE FUND Columbia Large Company Index Fund* COLUMBIA INSTITUTIONAL FLOATING RATE INCOME FUND Columbia U.S. Treasury Index Fund* Columbia Small Company Index Fund* Columbia Intermediate Tax-Exempt Bond Fund* Columbia Massachusetts Intermediate Municipal Bond Fund* Columbia Connecticut Intermediate Municipal Bond Fund* Columbia New Jersey Intermediate Municipal Bond Fund* Columbia New York Intermediate Municipal Bond Fund* Columbia Rhode Island Intermediate Municipal Bond Fund* Columbia Florida Intermediate Municipal Bond Fund* Columbia Pennsylvania Intermediate Municipal Bond Fund*
The Funds listed above are referred to collectively as the "Funds" and the Trusts listed above are referred to collectively as the "Trusts." Supplement to Statements of Additional Information Each Fund's Statement of Additional Information is amended as follows: 1. Effective March 1, 2004, PricewaterhouseCoopers LLP, located at 125 High Street, Boston, Massachusetts 02110-1707, replaced Ernst & Young LLP as independent accountants for all of the Funds. PricewaterhouseCoopers LLP provides audit and tax return review services, and assistance and consultation in connection with the review of various Securities and Exchange Commission filings. (Relevant to asterisked funds.) 2. The section Trustees and Officers under the caption Management of the Funds is revised in its entirety as follows: MANAGEMENT OF THE FUNDS The Advisor provides administrative and management services to the Funds. On April 1, 2003, Fleet Investment Advisors Inc., Stein Roe & Farnham Incorporated, Colonial Management Associates, Inc. and Newport Pacific Management, Inc. (NPMI), merged into Columbia Management Advisors, Inc. Each of the four merging companies was a registered investment advisor and advised various Funds in the Fund Complex. The Advisor, located at 100 Federal Street, Boston, Massachusetts 02110, is a direct wholly owned subsidiary of Columbia Management Group, Inc. (Columbia), which is an indirect wholly owned subsidiary of FleetBoston Financial Corporation, a U.S. financial holding company. The Advisor is the surviving company in these mergers and is now the investment advisor of the Funds. The Advisor has been an investment advisor since 1969. In addition, immediately prior to the mergers described above and also on April 1, 2003, Newport Fund Management, Inc. (NFMI), a subsidiary of NPMI and a registered investment advisor that advised several Funds in the Fund Complex, merged into NPMI. As a result of NPMI's merger into the Advisor, the Advisor is now the Advisor to the Funds previously advised by NFMI. TRUSTEES AND OFFICERS (THIS SECTION APPLIES TO ALL OF THE FUNDS) The Trustees and officers serve terms of indefinite duration. The names, addresses and ages of the Trustees and officers of the Funds in the Fund Complex, the year each was first elected or appointed to office, their principal business occupations during at least the last five years, the number of portfolios overseen by each Trustee and other directorships they hold are shown below.
Number of Portfolios in Year First Fund Elected or Complex Name, Address Position Appointed to Principal Occupation(s) Overseen and Age with Funds Office(1) During Past Five Years by Trustee Other Directorships Held ------- ---------- --------- ---------------------- ---------- ------------------------ DISINTERESTED TRUSTEES Douglas A. Hacker (Age 48) Trustee 1996 Executive Vice President - 119 Orbitz, Inc. (on-line P.O. Box 66100 Strategy of United Airlines travel company) Chicago, IL 60666 (airline) since December, 2002 (formerly President of UAL Loyalty Services (airline) from September, 2001 to December, 2002; Executive Vice President and Chief Financial Officer of United Airlines from March, 1993 to September, 2001). Janet Langford Kelly (Age 45) Trustee 1996 Private Investor since March, 2004 119 None 9534 W. Gull Lake (formerly Chief Administrative Richland, MI 49083-8530 Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September, 2003 to March, 2004; Executive Vice President-Corporate Development and Administration, General Counsel and Secretary, Kellogg Company (food manufacturer), from September, 1999 to August, 2003; Senior Vice President, Secretary and General Counsel, Sara Lee Corporation (branded, packaged, consumer-products manufacturer) from January, 1995 to September, 1999). Richard W. Lowry (Age 67) Trustee 1995 Private Investor since August, 121(3) None 10701 Charleston Drive 1987 (formerly Chairman and Vero Beach, FL 32963 Chief Executive Officer, U.S. Plywood Corporation (building products manufacturer)).
Number of Portfolios in Year First Fund Elected or Complex Name, Address Position Appointed to Principal Occupation(s) Overseen and Age with Funds Office(1) During Past Five Years by Trustee Other Directorships Held ------- ---------- --------- ---------------------- ---------- ------------------------ DISINTERESTED TRUSTEES Charles R. Nelson (Age 61) Trustee 1981 Professor of Economics, 119 None Department of Economics University of Washington, University of Washington since January, 1976; Ford Seattle, WA 98195 and Louisa Van Voorhis Professor of Political Economy, University of Washington, since September, 1993; Director, Institute for Economic Research, University of Washington, since September, 2001; Adjunct Professor of Statistics, University of Washington, since September, 1980; Associate Editor, Journal of Money Credit and Banking, since September, 1993; consultant on econometric and statistical matters. John J. Neuhauser (Age 60) Trustee 1985 Academic Vice President and 122(3),(4) Saucony, Inc. (athletic 84 College Road Dean of Faculties since footwear); SkillSoft Corp. Chestnut Hill, MA 02467-3838 August, 1999, Boston College (E-Learning) (formerly Dean, Boston College School of Management from September, 1977 to September, 1999). Patrick J. Simpson (Age 58) Trustee 2000 Partner, Perkins Coie L.L.P. 119 None 1211 S.W. 5th Avenue (law firm). Suite 1500 Portland, OR 97204
Number of Portfolios in Year First Fund Elected or Complex Name, Address Position Appointed to Principal Occupation(s) Overseen and Age with Funds Office(1) During Past Five Years by Trustee Other Directorships Held ------- ---------- --------- ---------------------- ---------- ------------------------ DISINTERESTED TRUSTEES Thomas E. Stitzel (Age 67) Trustee 1998 Business Consultant since 119 None 2208 Tawny Woods Place 1999 (formerly Professor of Boise, ID 83706 Finance from 1975 to 1999, College of Business, Boise State University); Chartered Financial Analyst.
Number of Portfolios in Year First Fund Elected or Complex Name, Address Position Appointed to Principal Occupation(s) Overseen and Age with Funds Office(1) During Past Five Years by Trustee Other Directorships Held ------- ---------- --------- ---------------------- ---------- ------------------------ DISINTERESTED TRUSTEES Thomas C. Theobald (Age 66) Trustee and 1996 Managing Director, William 119 Anixter International 227 West Monroe Street, Chairman of Blair Capital Partners (network support equipment Suite 3500 the Board (private equity investing) distributor), Jones Lang Chicago, IL 60606 since September, 1994. LaSalle (real estate management services) and MONY Group (life insurance) Anne-Lee Verville (Age 58) Trustee 1998 Author and speaker on 120(4) Chairman of the Board of 359 Stickney Hill Road educational systems needs Directors, Enesco Group, Hopkinton, NH 03229 (formerly General Manager, Inc. (designer, importer Global Education Industry, and distributor of IBM Corporation (computer giftware and and technology) from 1994 collectibles) to 1997). Richard L. Woolworth (Age 62) Trustee 1991 Retired since December 2003 119 NW Natural (natural gas 100 S.W. Market Street (formerly Chairman and Chief service provider) #1500 Executive Officer, The Portland, OR 97207 Regence Group (regional health insurer); Chairman and Chief Executive Officer, BlueCross BlueShield of Oregon; Certified Public Accountant, Arthur Young & Company)
Number of Portfolios in Year First Fund Elected or Complex Name, Address Position Appointed to Principal Occupation(s) Overseen and Age with Funds Office(1) During Past Five Years by Trustee Other Directorships Held ------- ---------- --------- ---------------------- ---------- ------------------------ INTERESTED TRUSTEES William E. Mayer(2) (Age 63) Trustee 1994 Managing Partner, Park Avenue 121(3) Lee Enterprises (print 399 Park Avenue Equity Partners (private media), WR Hambrecht + Suite 3204 equity) since February, 1999 Co. (financial service New York, NY 10022 (formerly Founding Partner, provider) and First Development Capital LLC from Health (healthcare) November 1996 to February, 1999). Joseph R. Palombo(2) (Age 50) Trustee 2000 Executive Vice President and 120(5) None One Financial Center Chief Operating Officer of Boston, MA 02111 Columbia Management Group, Inc. (Columbia Management) since December, 2001 and Director, Executive Vice President and Chief Operating Officer of the Advisor since April, 2003 (formerly Chief Operations Officer of Mutual Funds, Liberty Financial Companies, Inc. from August, 2000 to November, 2001; Executive Vice President of Stein Roe & Farnham Incorporated (Stein Roe) from April, 1999 to April, 2003; Director of Colonial Management Associates, Inc. (Colonial) from April, 1999 to April, 2003; Director of Stein Roe from September, 2000 to April, 2003); (formerly President of the Columbia Funds (as defined in Part 1 of this SAI) from October, 2003 to March, 2004) (formerly Vice President of the Columbia Funds from January, 2003 to October, 2003); (formerly President of the Liberty Funds and Stein Roe Funds from February, 2003 to March, 2004); President of Galaxy Funds (as defined in Part 1 of this SAI) since February, 2003 (formerly Vice President of the Galaxy Funds from September 2002 to February 2003; Vice President of the Liberty Funds and Stein Roe Funds from April, 1999 to August, 2000); (formerly Manager of Columbia Floating Rate Limited Liability Company from October, 2000 to March, 2004); (formerly Chief Operating Officer and Chief Compliance Officer, Putnam Mutual Funds from December, 1993 to March, 1999).
(1) In October 2003, the trustees of the Liberty Funds and Stein Roe Funds (both as defined in Part 1 of this SAI) were elected to the boards of the Columbia Funds; simultaneous with that election, Patrick J. Simpson and Richard L. Woolworth, who had been directors/trustees of the Columbia Funds were appointed to serve as trustees of the Liberty Funds and Stein Roe Funds. The date shown is the earliest date on which a trustee/director was elected or appointed to the board of a Fund in the Fund Complex. (2) Mr. Mayer is an "interested person" (as defined in the Investment Company Act of 1940 (1940 Act)) by reason of his affiliation with WR Hambrecht + Co. Mr. Palombo is an interested person as an employee of the Advisor. (3) Messrs. Lowry, Neuhauser and Mayer also serve as directors/trustees of the All-Star Funds (as defined in Part 1 of this SAI). (4) Mr. Neuhauser and Ms. Verville also serve as disinterested directors of Columbia Management Multi-Strategy Hedge Fund, LLC, which is advised by the Advisor. (5) Mr. Palombo also serves as an interested director of Columbia Management Multi-Strategy Hedge Fund, LLC, which is advised by the Advisor. 35
Year First Elected or Name, Address Position Appointed to Principal Occupation(s) and Age with Funds Office During Past Five Years ------- ---------- ------ ---------------------- OFFICERS J. Kevin Connaughton (Age 39) President 2000 President of the Columbia Funds, Liberty Funds and Stein Roe Funds One Financial Center and since March, 2004; Chief Financial Officer of the Columbia Funds since Boston, MA 02111 Treasurer January, 2003; Treasurer of the Columbia Funds since October, 2003 and of the Liberty Funds, Stein Roe Funds and All-Star Funds since December, 2000; Vice President of the Advisor since April, 2003 (formerly Controller of the Liberty Funds and All-Star Funds from February, 1998 to October, 2000); Treasurer of the Galaxy Funds since September, 2002; Treasurer, Columbia Management Multi-Strategy Hedge Fund, LLC since December, 2002 (formerly Vice President of Colonial from February, 1998 to October, 2000 and Senior Tax Manager, Coopers & Lybrand, LLP from April, 1996 to January, 1998). Vicki L. Benjamin (Age 42) Chief 2001 Controller of the Columbia Funds since July, 2003 and of the Liberty One Financial Center Accounting Funds, Stein Roe Funds and All-Star Funds since May, 2002; Chief Boston, MA 02111 Officer and Accounting Officer of the Columbia Funds since July, 2003 and Liberty Controller Funds, Stein Roe Funds and All-Star Funds since June, 2001; Controller and Chief Accounting Officer of the Galaxy Funds since September, 2002 (formerly Vice President, Corporate Audit, State Street Bank and Trust Company from May, 1998 to April, 2001; Audit Manager from July, 1994 to June, 1997; Senior Audit Manager from July, 1997 to May, 1998, Coopers & Lybrand, LLP). David A. Rozenson (Age 49) Secretary 2003 Secretary of the Columbia Funds, Liberty Funds, Stein Roe Funds and One Financial Center All-Star Funds since December, 2003; Senior Counsel, Fleet Boston Boston, MA 02111 Financial Corporation since January, 1996; Associate General Counsel, Columbia Management Group since November, 2002.
March 15, 2004