COLUMBIA BALANCED FUND, INC.
                      COLUMBIA CONSERVATIVE HIGH YIELD FUND
                      COLUMBIA REAL ESTATE EQUITY FUND, INC.
                           COLUMBIA SMALL CAP GROWTH FUND I
                          COLUMBIA MID CAP GROWTH FUND, INC.
                        COLUMBIA STRATEGIC INVESTOR FUND, INC.
                  COLUMBIA OREGON INTERMEDIATE MUNICIPAL BOND FUND
                            COLUMBIA TECHNOLOGY FUND, INC.
                                   (the "Funds")

                 SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION DATED
                 JANUARY 1, 2005, AS REVISED JULY 12, 2005




At meetings of the Funds' shareholders held September 16, 2005 and October 7,
2005, shareholders of the Funds elected the Funds' current Trustees to
indefinite terms and approved the adoption of new fundamental investment
restrictions.

1.       Douglas A. Hacker, Janet Langford Kelly, Richard W. Lowry, William E.
         Mayer, Charles R. Nelson, John J. Neuhauser, Patrick J. Simpson,
         Thomas E. Stitzel, Thomas C. Theobald, Anne-Lee Verville and
         Richard L. Woolworth have been elected to serve as
         Trustees of the Funds.

2.       Effective November 1, 2005, the following language replaces the
         language currently in the section of the Statement of
         Additional Information entitled INVESTMENT RESTRICTIONS for the Funds:


         The Prospectus sets forth the investment goals and principal investment
         strategies applicable to each Fund. The following is a list of
         investment restrictions applicable to each Fund. If a percentage
         limitation is adhered to at the time of an investment by a
         Fund, a later increase or decrease in percentage resulting from any
         change in value or net assets will not result in a violation of
         the restriction. Except as stated otherwise below, a Fund may not
         change these restrictions without the approval of a majority of its
         shareholders, which means the vote at any meeting of shareholders of a
         Fund of (i) 67 percent or more of the shares present or represented by
         proxy at the meeting (if the holders of more than 50 percent of the
         outstanding shares are present or represented by proxy) or (ii)
         more than 50 percent of the outstanding shares, whichever is less.

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 Fund'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.       With the exception of the Real Estate Fund, which will invest at least
         65% of the value of its total assets in securities of
         companies principally engaged in the real estate industry, 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.       With the exception of the Oregon Intermediate Municipal Bond Fund and
         the Columbia Technology Fund, 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.


SUP-39/91408-1005                                             November 1, 2005