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 Tax-Managed Growth Fund II                  COLUMBIA FUNDS TRUST VII
Columbia Tax-Managed Value Fund                      Columbia Newport Tiger Fund

COLUMBIA FUNDS TRUST II                              COLUMBIA FUNDS TRUST VIII
Columbia Newport Greater China Fund                  Columbia Income Fund
Columbia Money Market Fund                           Columbia Intermediate Bond Fund

COLUMBIA FUNDS TRUST III                             COLUMBIA FUNDS TRUST IX
Columbia Mid Cap Value Fund                          Columbia High Yield Municipal Fund
Columbia Liberty Fund                                Columbia Managed Municipals Fund
Columbia Global Equity Fund
Columbia Intermediate Government Income Fund         COLUMBIA FUNDS TRUST XI
Columbia Quality Plus Bond Fund                      Columbia Young Investors Fund
Columbia Corporate Bond Fund                         Columbia Growth Stock Fund
Columbia Federal Securities Fund                     Columbia Asset Allocation Fund
                                                     Columbia Dividend Income Fund
COLUMBIA FUNDS TRUST IV                              Columbia Large Cap Core Fund
Columbia Tax-Exempt Fund                             Columbia Large Cap Growth Fund
Columbia Tax-Exempt Insured Fund                     Columbia Disciplined Value Fund
Columbia Utilities Fund                              Columbia Small Cap Fund
Columbia Municipal Money Market Fund                 Columbia Small Company Equity Fund

COLUMBIA FUNDS TRUST V
Columbia California Tax-Exempt Fund
Columbia Connecticut Tax-Exempt Fund
Columbia Massachusetts Tax-Exempt Fund
Columbia New York Tax-Exempt Fund
Columbia Large Company Index 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



             SUPPLEMENT TO THE STATEMENTS OF ADDITIONAL INFORMATION


1.   The following  language is added to the section "Fund Charges and Expenses"
     in Part I of the Statements of Additional Information.

With respect to Columbia Large Company Index Fund,  Columbia Small Company Index
Fund and Columbia Large Cap Growth Fund, Administration Agreements with Columbia
Management  Advisors,  Inc.  have been amended to reduce the rates at which fees
are payable  thereunder  to the annual  rate of 0.10% of the  average  daily net
assets of Columbia  Large  Company  Index Fund and Columbia  Small Company Index
Fund and 0.05% of the  average  daily net  assets of  Columbia  Large Cap Growth
Fund.

With  respect to each Fund listed  below,  Investment  Advisory  Agreement  with
Columbia Management Advisors,  Inc. has been amended so that, effective February
9, 2005,  the fees  payable  thereunder  will be paid at the  following  reduced
rates:

Columbia Tax-Managed Growth Fund

Average Daily Net Assets                                        Rate
Net assets under $500 million                                  0.520%
Net assets of $500 million but less than $1 billion            0.470%
Net assets of $1 billion but less than $1.5 billion            0.420%
Net assets of $1.5 billion but less than $3 billion            0.370%
Net assets of $3 billion but less than $6 billion              0.350%
Net assets in excess of $6 billion                             0.330%

Columbia Tax-Managed Growth Fund II and Columbia Tax-Managed Value Fund

Average Daily Net Assets                                       Rate
Net assets under $500 million                                  0.720%
Net assets of $500 million but less than $1 billion            0.670%
Net assets of $1 billion but less than $1.5 billion            0.620%
Net assets of $1.5 billion but less than $3 billion            0.570%
Net assets of $3 billion but less than $6 billion              0.550%
Net assets in excess of $6 billion                             0.530%

Columbia Large Cap Growth Fund

Average Daily Net Assets                                       Rate
Net assets under $200 million                                  0.70%
Net assets of $200 million but less than $500 million          0.575%
Net assets in excess of $500 million                           0.45%

Columbia  Large Cap Core Fund,  Columbia  Disciplined  Value  Fund and  Columbia
Dividend Income Fund

Average Daily Net Assets                                       Rate
Net assets under $500 million                                  0.700%
Net assets of $500 million but less than $1 billion            0.650%
Net assets of $1 billion but less than $1.5 billion            0.600%
Net assets of $1.5 billion but less than $3 billion            0.550%
Net assets of $3 billion but less than $6 billion              0.530%
Net assets in excess of $6 billion                             0.510%

Columbia Growth & Income Fund

Average Daily Net Assets                                       Rate
Net assets under $500 million                                  0.770%
Net assets of $500 million but less than $1 billion            0.720%
Net assets of $1 billion but less than $1.5 billion            0.600%
Net assets of $1.5 billion but less than $3 billion            0.600%
Net assets of $3 billion but less than $6 billion              0.600%
Net assets in excess of $6 billion                             0.580%

Columbia Asset Allocation Fund

Average Daily Net Assets                                       Rate
Net assets under $500 million                                  0.650%
Net assets of $500 million but less than $1 billion            0.600%
Net assets of $1 billion but less than $1.5 billion            0.550%
Net assets of $1.5 billion but less than $3 billion            0.500%
Net assets of $3 billion but less than $6 billion              0.480%
Net assets in excess of $6 billion                             0.460%

Columbia Newport Tiger Fund

Average Daily Net Assets                                       Rate
Net assets under $500 million                                  0.700%
Net assets of $500 million but less than $1 billion            0.700%
Net assets of $1 billion but less than $1.5 billion            0.620%
Net assets of $1.5 billion but less than $3 billion            0.570%
Net assets of $3 billion but less than $6 billion              0.520%
Net assets in excess of $6 billion                             0.470%

Columbia Newport Greater China Fund

Average Daily Net Assets                                       Rate
Net assets under $500 million                                  0.950%
Net assets of $500 million but less than $1 billion            0.950%
Net assets of $1 billion but less than $1.5 billion            0.870%
Net assets of $1.5 billion but less than $3 billion            0.820%
Net assets of $3 billion but less than $6 billion              0.770%
Net assets in excess of $6 billion                             0.720%

Columbia Federal Securities Fund

Average Daily Net Assets                                       Rate
Net assets under $500 million                                  0.530%
Net assets of $500 million but less than $1 billion            0.480%
Net assets of $1 billion but less than $1.5 billion            0.450%
Net assets of $1.5 billion but less than $3 billion            0.420%
Net assets in excess of $3 billion                             0.400%

Columbia Intermediate Government Income Fund

Average Daily Net Assets                                       Rate
Net assets under $500 million                                  0.460%
Net assets of $500 million but less than $1 billion            0.410%
Net assets of $1 billion but less than $1.5 billion            0.380%
Net assets of $1.5 billion but less than $3 billion            0.350%
Net assets of $3 billion but less than $6 billion              0.340%
Net assets in excess of $6 billion                             0.330%



Columbia Intermediate Bond Fund

Average Daily Net Assets                                       Rate
Net assets under $500 million                                  0.350%
Net assets of $500 million but less than $1 billion            0.350%
Net assets of $1 billion but less than $1.5 billion            0.300%
Net assets of $1.5 billion but less than $3 billion            0.290%
Net assets of $3 billion but less than $6 billion              0.280%
Net assets in excess of $6 billion                             0.270%

Columbia Tax-Exempt Insured Fund and Columbia Tax-Exempt Fund

Average Daily Net Assets                                       Rate
Net assets under $500 million                                  0.550%
Net assets of $500 million but less than $1 billion            0.500%
Net assets of $1 billion but less than $1.5 billion            0.470%
Net assets of $1.5 billion but less than $3 billion            0.440%
Net assets of $3 billion but less than $6 billion              0.430%
Net assets in excess of $6 billion                             0.420%

Columbia Corporate Bond Fund,  Columbia Quality Plus Bond Fund, Columbia Florida
Intermediate  Municipal Bond Fund, Columbia Connecticut  Intermediate  Municipal
Bond Fund,  Columbia  Massachusetts  Intermediate  Municipal Bond Fund, Columbia
Intermediate Tax-Exempt Bond Fund, Columbia Pennsylvania  Intermediate Municipal
Bond Fund,  Columbia New Jersey  Intermediate  Municipal Bond Fund, Columbia New
York  Intermediate  Municipal Bond Fund and Columbia  Rhode Island  Intermediate
Municipal Bond Fund

Average Daily Net Assets                                       Rate
Net assets under $500 million                                  0.480%
Net assets of $500 million but less than $1 billion            0.430%
Net assets of $1 billion but less than $1.5 billion            0.400%
Net assets of $1.5 billion but less than $3 billion            0.370%
Net assets of $3 billion but less than $6 billion              0.360%
Net assets in excess of $6 billion                             0.350%

Columbia Income Fund

Average Daily Net Assets                                       Rate
Net assets under $500 million                                  0.420%
Net assets of $500 million but less than $1 billion            0.375%
Net assets of $1 billion but less than $1.5 billion            0.370%
Net assets of $1.5 billion but less than $3 billion            0.340%
Net assets of $3 billion but less than $6 billion              0.330%
Net assets in excess of $6 billion                             0.320%

Columbia High Yield Opportunity Fund and Columbia Strategic Income Fund

Average Daily Net Assets                                        Rate
Net assets under $500 million                                   0.600%
Net assets of $500 million but less than $1 billion             0.550%
Net assets of $1 billion but less than $1.5 billion             0.520%
Net assets in excess of $1.5 billion                            0.490%

Previously, Columbia Management had, with respect to the period from November 1,
2004 to February 9, 2005, waived a portion of its fees, so that it retained fees
at the rates shown above.

2.   The following paragraph is added to the section "How to Buy Shares" in Part
     II of the Statements of Additional Information:

Investors should  understand that, since the offering price of the Fund's shares
is calculated to two decimal places using  standard  rounding  methodology,  the
dollar amount of the sales charge paid as a percentage of the offering price and
of the net amount  invested  for any  particular  purchase of fund shares may be
higher or lower  depending on whether  downward or upward  rounding was required
during the calculation process.


3.   The Fund's  Trustees have approved,  subject to  shareholder  approval at a
     shareholder  meeting  expected to be held in 2005, the  replacement of each
     Fund's  current  fundamental  investment  restrictions  with the  following
     standardized  fundamental  investment  restrictions  (except that municipal
     funds will retain  their  current 80%  policies  required  under Rule 35d-1
     under the Investment Company Act of 1940):


Proposed Fundamental Restrictions Each Fund may not, as a matter of fundamental
policy:

1.   Underwrite  any issue of  securities  issued by other  persons  within  the
     meaning of the 1933 Act except when it might be deemed to be an underwriter
     either: (a) in connection with the disposition of a portfolio security;  or
     (b) in connection with the purchase of securities  directly from the issuer
     thereof in accordance with its investment objective. This restriction shall
     not limit the Portfolio's  ability to invest in securities  issued by other
     registered investment companies.

2.   Purchase or sell real  estate,  except a Fund may  purchase  securities  of
     issuers  which deal or invest in real  estate and may  purchase  securities
     which are  secured by real  estate or  interests  in real estate and it may
     hold and  dispose  of real  estate or  interests  in real  estate  acquired
     through  the  exercise  of its rights as a holder of  securities  which are
     secured by real estate or interests therein.

3.   Purchase  or  sell  commodities,  except  that  a Fund  may  to the  extent
     consistent with its investment objective, invest in securities of companies
     that purchase or sell  commodities  or which invest in such  programs,  and
     purchase  and sell  options,  forward  contracts,  futures  contracts,  and
     options  on  futures  contracts  and enter  into swap  contracts  and other
     financial  transactions  relating to commodities.  This limitation does not
     apply to foreign currency transactions including without limitation forward
     currency contracts.

4.   [Except  for  Funds  that are  "concentrated"  in an  industry  or group of
     related industries.]  Purchase any securities which would cause 25% or more
     of the value of its total  assets at the time of purchase to be invested in
     the securities of one or more issuers  conducting their principal  business
     activities in the same industry,  provided that: (a) there is no limitation
     with respect to  obligations  issued or guaranteed by the U.S.  Government,
     any state or  territory  of the United  States,  or any of their  agencies,
     instrumentalities or political  subdivisions;  and (b) notwithstanding this
     limitation or any other fundamental  investment  limitation,  assets may be
     invested in the securities of one or more management  investment  companies
     to the  extent  permitted  by the  1940  Act,  the  rules  and  regulations
     thereunder and any applicable exemptive relief.

5.   Make loans,  except to the extent  permitted by the 1940 Act, the rules and
     regulations thereunder and any applicable exemptive relief.

6.   Borrow money or issue senior  securities  except to the extent permitted by
     the 1940 Act,  the  rules and  regulations  thereunder  and any  applicable
     exemptive relief.

7.   [Except for Funds  classified as  "non-diversified"  under Section 5 of the
     1940 Act.] Purchase  securities  (except securities issued or guaranteed by
     the U.S. Government,  its agencies or  instrumentalities) of any one issuer
     if, as a result,  more than 5% of its total  assets will be invested in the
     securities  of such  issuer  or it would  own more  than 10% of the  voting
     securities of such issuer,  except that:  (a) up to 25% of its total assets
     may be invested without regard to these limitations and (b) a Fund's assets
     may be  invested in the  securities  of one or more  management  investment
     companies  to  the  extent  permitted  by  the  1940  Act,  the  rules  and
     regulations thereunder,  or any applicable exemptive relief. [For municipal
     Funds only: For purposes of this  restriction,  tax exempt  securities that
     are supported solely by the revenues of a particular private entity will be
     deemed to have been issued by that entity.]



     G-35/994U-0405                                              April 15, 2005