COLUMBIA FUNDS TRUST I                               COLUMBIA FUNDS TRUST VI
                                                  
Columbia High Yield Opportunity Fund                 Columbia Growth & Income Fund
Columbia Strategic Income Fund
Columbia Tax-Managed Growth Fund                     COLUMBIA FUNDS TRUST VIII
Columbia Tax-Managed Growth Fund II                  Columbia Income Fund
Columbia Tax-Managed Value Fund                      Columbia Intermediate Bond Fund
Columbia Tax-Managed Aggressive Growth Fund
                                                     COLUMBIA FUNDS TRUST IX
COLUMBIA FUNDS TRUST II                              Columbia High Yield Municipal Fund
Columbia Money Market Fund
                                                     COLUMBIA FUNDS TRUST XI
COLUMBIA FUNDS TRUST III                             Columbia Large Cap Core Fund
Columbia Contrarian Income Fund                      Columbia Large Cap Growth Fund
Columbia Federal Securities Fund                     Columbia Disciplined Value Fund
Columbia Mid Cap Value Fund                          Columbia Small Company Equity Fund
Columbia Liberty Fund                                Columbia Young Investor Fund
                                                     Columbia Growth Stock Fund
COLUMBIA FUNDS TRUST IV                              Columbia Dividend Income Fund
Columbia Municipal Money Market Fund                 Columbia Asset Allocation Fund

COLUMBIA FUNDS TRUST V
Columbia Intermediate Tax-Exempt 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
Columbia Massachusetts Intermediate Municipal Bond Fund



The Funds listed above are referred to each as a "Fund" and  collectively as the
"Funds" and the Trusts listed above are referred to collectively as "Trusts."

                                   Supplement to Prospectuses
m                                   Class A, B C and Z Shares

     1. The disclosure under the heading "How to Exchange Shares" for Class A, B
and C is revised in its entirety as follows:

     You may  exchange  your  shares for shares of the same share  class (and in
some cases, certain other classes) of another fund distributed by Columbia Funds
Distributor,  Inc. at net asset value. If your shares are subject to a CDSC, you
will not be charged a CDSC upon the exchange.  However, when you sell the shares
acquired  through  the  exchange,  the  shares  sold may be  subject  to a CDSC,
depending upon when you originally purchased the shares you are exchanging.  For
purposes of  computing  the CDSC,  the length of time you have owned your shares
will be computed from the date of your original purchase and the applicable CDSC
will  be the  CDSC  of the  original  fund.  Unless  your  account  is part of a
tax-deferred  retirement  plan,  an  exchange  is a taxable  event,  and you may
realize a gain or a loss for tax purposes. Each Fund may terminate your exchange
privilege if the advisor  determines  that your  exchange  activity is likely to
adversely impact its ability to manage each Fund. See "Fund Policy on Trading of
Fund  Shares"  for  each  Fund's   policy.   To  exchange  by  telephone,   call
1-800-422-3737.  Please have your  account and taxpayer  identification  numbers
available when calling.

     2.  The disclosure under the heading "How to Exchange Shares" for Class Z
is revised in its entirety as follows:

You may exchange your shares for Class Z or Class A (only if Class Z is not
offered) shares of another fund distributed by Columbia Funds Distributor, Inc.
at net asset value.  Unless your account is part of a tax-deferred retirement
plan, an exchagne is a taxable event, and you may realize a gain or a loss for
tax purposes. Each Fund may terminate your exchange privilege if the advisor
determines that your exchange activity is likely to adversely impact its ability
to manage each Fund.  See "Fund Policy on Trading of Fund Shares" for each
Fund's policy.  To exchange by telephone, call 1-800-422-3737.  Please have
your account and taxpayer indentification numbers available when calling.

     3. The disclosure under the heading "Fund Policy on Trading of Fund Shares"
is revised in its entirety as follows:

Purchases and exchanges  should be made for investment  purposes only.  Frequent
purchases,  redemptions  or  exchanges  of Fund  shares  may  disrupt  portfolio
management and increase Fund expenses.  Each Fund has adopted  certain  policies
and methods  intended to identify  and to  discourage  frequent  trading in each
Fund.  However,  as  discussed  below,  each Fund  cannot  ensure  that all such
activity can be identified or terminated.

Right to Reject or Restrict  Orders and Close  Accounts.  Each Fund reserves the
right to restrict,  reject or cancel,  without any prior notice, any purchase or
exchange order, including  transactions accepted by any shareholder's  financial
intermediary,  when each Fund believes it is in its shareholders' best interest.
In the event that each Fund rejects or cancels an exchange request,  neither the
redemption  nor the purchase side of the exchange  will be processed.  Each Fund
may also fully redeem the shares and close the account of any  shareholder  whom
it believes is engaged or intends to engage in frequent trading.

Limitations on the Ability to Identify or to Terminate  Frequent Trading.  There
is no  guarantee  that each Fund or its agents  will be able to detect  frequent
trading  activity or the  shareholders  engaged in such  activity,  or, if it is
detected,  to prevent its recurrence.  In particular,  a substantial  portion of
purchase,  redemption  and exchange  orders are received from omnibus  accounts.
Omnibus  accounts,  in which shares are held in the name of an  intermediary  on
behalf of multiple  beneficial owners, are a common form of holding shares among
financial intermediaries, retirement plans and variable insurance products. Each
Fund typically is not able to identify trading by a particular beneficial owner,
which may make it difficult or impossible  to determine if a particular  account
is engaged in frequent  trading.  There are also  operational and  technological
limitations  on each Fund's  agents'  ability to identify or terminate  frequent
trading  activity,  and the techniques  used by each Fund and its agents are not
anticipated to identify all frequent trading.





                                                              March 15, 2004


                           COLUMBIA GREATER CHINA FUND
                                  (the "Fund")
                             Class A, B and C Shares
                 Supplement to Prospectus dated January 1, 2004
                   (Replacing Supplement dated March 4, 2004)

1. The following risk disclosure is revised under the heading "Principle
Investment Risks":

Market timers. Because the Fund invests predominantly in foreign securities, the
Fund may be particularly susceptible to market timers. Market timers generally
attempt to take advantage of the way the Fund prices its shares by trading based
on market information they expect will lead to a change in the Fund's net asset
value on the next pricing day. Market timing activity may be disruptive to Fund
management and, since a market timer's profits are effectively paid directly out
of the Fund's assets, negatively impact the investment returns of other
shareholders. Although the Fund has adopted certain policies and methods
intended to identify and to discourage frequent trading based on this strategy,
it cannot ensure that all such activity can be identified or terminated.

2. The disclosure under the heading "Fund Policy on Trading of Fund Shares" is
revised in its entirety as follows:

Purchases and exchanges should be made for investment purposes only. Frequent
purchases, redemptions or exchanges of Fund shares may disrupt portfolio
management and increase Fund expenses. The Fund has adopted certain policies and
methods intended to identify and to discourage frequent trading in the Fund.
However, as discussed below, the Fund cannot ensure that all such activity can
be identified or terminated.

Right to Reject or Restrict Orders and Close Accounts. The Fund reserves the
right to restrict, reject or cancel, without any prior notice, any purchase or
exchange order, including transactions accepted by any shareholder's financial
intermediary, when the Fund believes it is in its shareholders' best interest.
In the event that the Fund rejects or cancels an exchange request, neither the
redemption nor the purchase side of the exchange will be processed. The Fund may
also fully redeem the shares and close the account of any shareholder whom it
believes is engaged or intends to engage in frequent trading.

Limitations on the Ability to Identify or to Terminate Frequent Trading. There
is no guarantee that the Fund or its agents will be able to detect frequent
trading activity or the shareholders engaged in such activity, or, if it is
detected, to prevent its recurrence. In particular, a substantial portion of
purchase, redemption and exchange orders are received from omnibus accounts.
Omnibus accounts, in which shares are held in the name of an intermediary on
behalf of multiple beneficial owners, are a common form of holding shares among
financial intermediaries, retirement plans and variable insurance products. The
Fund typically is not able to identify trading by a particular beneficial owner,
which may make it difficult or impossible to determine if a particular account
is engaged in frequent trading. There are also operational and technological
limitations on the Fund's agents' ability to identify or terminate frequent
trading activity, and the techniques used by the Fund and its agents are not
anticipated to identify all frequent trading.

3. The section entitled "Portfolio Manager" is revised in its entirety as
follows:

Eric Robert Lewis Sandlund, a senior equity portfolio manager and vice president
of Columbia Management, is the manager for the Fund and has managed the Fund
since March, 2004. Mr. Sandlund has been associated with Columbia Management or
its predecessors since June, 2002. Prior to joining Columbia Management in June,
2002 Mr. Sandlund was managing director and chief investment officer, Asia
Pacific of Merrill Lynch Investment Managers (Merrill Lynch) in Singapore from
January, 2000 to June, 2002. Prior to joining Merrill Lynch, Mr. Sandlund was a
regional managing director and chief investment officer of Prudential Portfolio
Managers (Asia) Limited in Hong Kong from 1994 to 1999.

                                                               March 15, 2004


                           COLUMBIA GREATER CHINA FUND
                                  (the "Fund")
                                 Class Z Shares
                 Supplement to Prospectus dated January 1, 2004
                   (Replacing Supplement dated March 4, 2004)

1. The following risk disclosure is revised under the heading "Principle
Investment Risks":

Market timers. Because the Fund invests predominantly in foreign securities, the
Fund may be particularly susceptible to market timers. Market timers generally
attempt to take advantage of the way the Fund prices its shares by trading based
on market information they expect will lead to a change in the Fund's net asset
value on the next pricing day. Market timing activity may be disruptive to Fund
management and, since a market timer's profits are effectively paid directly out
of the Fund's assets, negatively impact the investment returns of other
shareholders. Although the Fund has adopted certain policies and methods
intended to identify and to discourage frequent trading based on this strategy,
it cannot ensure that all such activity can be identified or terminated.

2. The disclosure under the heading "Fund Policy on Trading of Fund Shares" is
revised in its entirety as follows:

Purchases and exchanges should be made for investment purposes only. Frequent
purchases, redemptions or exchanges of Fund shares may disrupt portfolio
management and increase Fund expenses. The Fund has adopted certain policies and
methods intended to identify and to discourage frequent trading in the Fund.
However, as discussed below, the Fund cannot ensure that all such activity can
be identified or terminated.

Right to Reject or Restrict Orders and Close Accounts. The Fund reserves the
right to restrict, reject or cancel, without any prior notice, any purchase or
exchange order, including transactions accepted by any shareholder's financial
intermediary, when the Fund believes it is in its shareholders' best interest.
In the event that the Fund rejects or cancels an exchange request, neither the
redemption nor the purchase side of the exchange will be processed. The Fund may
also fully redeem the shares and close the account of any shareholder whom it
believes is engaged or intends to engage in frequent trading.

Limitations on the Ability to Identify or to Terminate Frequent Trading. There
is no guarantee that the Fund or its agents will be able to detect frequent
trading activity or the shareholders engaged in such activity, or, if it is
detected, to prevent its recurrence. In particular, a substantial portion of
purchase, redemption and exchange orders are received from omnibus accounts.
Omnibus accounts, in which shares are held in the name of an intermediary on
behalf of multiple beneficial owners, are a common form of holding shares among
financial intermediaries, retirement plans and variable insurance products. The
Fund typically is not able to identify trading by a particular beneficial owner,
which may make it difficult or impossible to determine if a particular account
is engaged in frequent trading. There are also operational and technological
limitations on the Fund's agents' ability to identify or terminate frequent
trading activity, and the techniques used by the Fund and its agents are not
anticipated to identify all frequent trading.

Redemption Fee. A redemption fee of 2% of redemption proceeds will be imposed on
redemptions (including redemptions by exchange) of Class Z shares of the Fund
that were owned for 60 days or less. The redemption fee will be deducted from
your redemption proceeds and retained by the Fund to help cover the costs of
short-term investments to the Fund and its long-term shareholders. The
redemption fee will not apply to (i) shares purchased through reinvestment of
dividends and distributions; (ii) shares redeemed by exchange into another fund
distributed by Columbia Funds Distributor, Inc. that has a redemption fee or
(iii) shares held for any client of Fleet National Bank or one of its
subsidiaries through a discretionary asset management arrangement with Fleet
National Bank or the subsidiary. In the case of 401(k) plans, the redemption fee
is applied at the participant level or, for plans that are unable to apply the
redemption fee at the participant level, the plan level. The Fund, in its sole
discretion, may temporarily waive the redemption fee for 401(k) plans that are
in the process of liquidating their Fund investments or adding the Fund as an
investment option.

3. The section entitled "Portfolio Manager" is revised in its entirety as
follows:

Eric Robert Lewis Sandlund, a senior equity portfolio manager and vice president
of Columbia Management, is the manager for the Fund and has managed the Fund
since March, 2004. Mr. Sandlund has been associated with Columbia Management or
its predecessors since June, 2002. Prior to joining Columbia Management in June,
2002 Mr. Sandlund was managing director and chief investment officer, Asia
Pacific of Merrill Lynch Investment Managers (Merrill Lynch) in Singapore from
January, 2000 to June, 2002. Prior to joining Merrill Lynch, Mr. Sandlund was a
regional managing director and chief investment officer of Prudential Portfolio
Managers (Asia) Limited in Hong Kong from 1994 to 1999.

                                                                March 15, 2004