497 1 creet_pro.txt CREET - PM CHANGE (HURLEY) 9.15.06 COLUMBIA REAL ESTATE EQUITY FUND (the "Fund") Supplement to the Prospectuses dated January 1, 2006 The section entitled "MANAGING THE FUND - PORTFOLIO MANAGER" is hereby replaced in its entirety to reflect Mr. Arthur J. Hurley's assumption of the Fund's portfolio management responsibilities: Arthur J. Hurley, a senior portfolio manager of Columbia Advisors, LLC ("Columbia Advisors"), is the manager for the Fund and has managed the Fund since September, 2006. Mr. Hurley previously served as a senior portfolio manager for Lee Munder Capital Group from December, 2002 to August, 2006. Prior to December, 2002, Mr. Hurley worked for State Street Global Advisors/The Tuckerman Group, first as a REIT analyst and portfolio manager and later as managing director and portfolio manager since October, 1998. INT-36/113671-0906 September 15, 2006 COLUMBIA REAL ESTATE EQUITY FUND (The "Fund") SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION DATED JANUARY 1, 2006 Mr. Arthur J. Hurley has replaced Messrs. Robert McConnaughy and David I. Hoffman as portfolio manager of the Fund. 1. The following language as applies to Columbia Real Estate Equity Fund replaces the chart following the heading "Other Accounts Managed By Portfolio Managers" in the section MANAGEMENT: -------------------------------- -------------------------------- -------------------------------- ------------------------------ Other SEC-registered open-end and Other pooled investment Portfolio Manager closed-end funds vehicles Other accounts -------------------------------- -------------------------------- -------------------------------- ------------------------------ -------------------------------- ------------ ------------------- ------------ ------------------- ------------ ----------------- Number of Assets Number of Assets Number of Assets accounts accounts accounts -------------------------------- ------------ ------------------- ------------ ------------------- ------------ ----------------- -------------------------------- ------------ ------------------- ------------ ------------------- ------------ ----------------- Arthur J. Hurley* 0 N/A 0 N/A 5 $210,666 -------------------------------- ------------ ------------------- ------------ ------------------- ------------ -----------------
2. The following language as applies to Columbia Real Estate Equity Fund replaces the chart following the heading "Ownership of Securities" in the section MANAGEMENT: ---------------------------------------------------------------- ------------------------------------------------------------- Dollar Range of Equity Securities in the Portfolio Manager Fund Beneficially Owned ---------------------------------------------------------------- ------------------------------------------------------------- ---------------------------------------------------------------- ------------------------------------------------------------- Arthur J. Hurley* $0 ---------------------------------------------------------------- -------------------------------------------------------------
3. The following language as applies to Columbia Real Estate Equity Fund replaces the chart following the heading "Compensation" in the section MANAGEMENT: -------------------------------- ----------------------------------------- --------------------------------------------------- Portfolio Manager Performance Benchmark Peer Group -------------------------------- ----------------------------------------- --------------------------------------------------- -------------------------------- ----------------------------------------- --------------------------------------------------- Arthur J. Hurley NAREIT Index Morningstar Specialty - Real Estate -------------------------------- ----------------------------------------- ---------------------------------------------------
*Information as of August 31, 2006. INT-50/113566-0906 September 15, 2006