COLUMBIA FUNDS TRUST I                        COLUMBIA FUNDS TRUST XI
Columbia High Yield Opportunity Fund          Columbia Young Investor Fund
                                              Columbia Growth Stock Fund
                                              Columbia Asset Allocation Fund
COLUMBIA FUNDS TRUST III                      Columbia Dividend Income Fund
Columbia Liberty Fund                         Columbia Common Stock Fund
Columbia Core Bond Fund                       Columbia Large Cap Growth Fund
                                              Columbia Disciplined Value Fund
COLUMBIA FUNDS TRUST IV                       Columbia Small Cap Core Fund
Columbia Tax-Exempt Insured Fund              Columbia Small Company Equity Fund

COLUMBIA FUNDS TRUST V
Columbia U.S. Treasury Index Fund

COLUMBIA FUNDS TRUST VI
Columbia Small Cap Value Fund I

COLUMBIA FUNDS TRUST VIII
Columbia Income Fund
Columbia Intermediate Bond Fund

COLUMBIA FUNDS  SERIES TRUST I
Columbia High Yield Municipal Fund





                                  THE COLUMBIA FUNDS
                           SUPPLEMENT TO EACH FUND'S CURRENT
                          STATEMENT OF ADDITIONAL INFORMATION

              This supplement applies to the "Funds" and "Trusts" listed above.



At meetings of the Funds' shareholders held September 16, 2005, October 7, 2005
and October 14, 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 FUNDAMENTAL INVESTMENT POLICIES:


FUNDAMENTAL INVESTMENT POLICIES

The Investment Company Act of 1940, as amended (1940 Act), provides that a
"vote of a majority of the outstanding voting securities" means the affirmative
vote of the lesser of (1) more than 50% of the outstanding shares of a
Fund, or (2) 67% or more of the shares present at a meeting if more than 50%
of the outstanding shares are represented at the meeting in person or by proxy.
The following fundamental investment policies cannot be changed
without such a vote.

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.       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.       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-39/91367-1005                                             November 1, 2005



                    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
                                      (the "Funds")

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



At a meeting of the Funds' shareholders held September 16, 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 ADDITIONAL FUNDAMENTAL INVESTMENT
         POLICIES:

Additional Fundamental Investment Policies

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.       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.       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 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.



SUP-39/91265-1005                                              November 1, 2005



                           COLUMBIA CONNECTICUT TAX-EXEMPT FUND
                          COLUMBIA MASSACHUSETTS TAX-EXEMPT FUND
                             COLUMBIA NEW YORK TAX-EXEMPT FUND
                                        (the "Funds")

                 SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
                      DATED MARCH 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 FUNDAMENTAL INVESTMENT POLICIES OF THE FUNDS:


FUNDAMENTAL INVESTMENT POLICIES OF THE FUNDS

The Investment Company Act of 1940, as amended (1940 Act), provides that a
"vote of a majority of the outstanding voting securities" means the affirmative
vote of the lesser of (1) more than 50% of the outstanding shares of a
Fund, or (2) 67% or more of the shares present at a meeting if more than 50%
of the outstanding shares are represented at the meeting in person or by proxy.
The following fundamental investment policies cannot be changed
without such a vote.

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 Securities Act of 1933, as amended (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.       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 Act, the rules and regulations thereunder and any applicable
         exemptive relief.

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

Each Fund will, under normal circumstances, invest at least 80% of its total
assets in State Bonds, subject to applicable State requirements.


SUP-39/91369-1005                                            November 1, 2005




                                COLUMBIA UTILITIES FUND
                                     (the "Fund")
                  SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATON
                                   DATED APRIL 1, 2005




At meetings of the Fund's shareholders held September 16, 2005 and October 7,
2005, shareholders elected the Fund's 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 Fund.

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


FUNDAMENTAL INVESTMENT POLICIES

The Investment Company Act of 1940, as amended (1940 Act), provides that a
"vote of a majority of the outstanding voting securities" means the affirmative
vote of the lesser of (1) more than 50% of the outstanding shares of a
Fund, or (2) 67% or more of the shares present at a meeting if more than 50%
of the outstanding shares are represented at the meeting in person or by proxy.
The following fundamental investment policies cannot be changed
without such a vote.


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

5.       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.

6.       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.


The Fund may, as a matter of fundamental policy, concentrate more than 25%
of its total assets in any single industry.



SUP-39/91400-1005                                              November 1, 2005



                              COLUMBIA WORLD EQUITY FUND
                                     (the "Fund")

                    SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATON
                                 DATED AUGUST 1, 2005




At meetings of the Fund's shareholders held September 16, 2005 and October 7,
2005, shareholders elected the Fund's 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 Fund.

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


FUNDAMENTAL INVESTMENT POLICIES

The Investment Company Act of 1940, as amended (1940 Act), provides that a
"vote of a majority of the outstanding voting securities" means the affirmative
vote of the lesser of (1) more than 50% of the outstanding shares of a
Fund, or (2) 67% or more of the shares present at a meeting if more than 50%
of the outstanding shares are represented at the meeting in person or by proxy.
 The following fundamental investment policies cannot be changed
without such a vote.

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

5.       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.

6.       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.

7.       Invest more than 25% of its total assets in the securities of issuers
         whose principal business activities are in the same industry (excluding
         obligations of the U.S. government and repurchase agreements
         collateralized by obligations of the U.S. government), except that the
         Fund may invest without limit (but may not invest less than 25% of its
         total assets) in the securities of companies in the
         public utilities industry and except that the Fund may invest all or
         substantially all of its assets in another registered investment
         company having substantially the same investment objective
         as the Fund.



SUP-39/91366-1005                                             November 1, 2005