497 1 cscef.txt MERGER SUPPLEMENTS COLUMBIA ASSET ALLOCATION FUND COLUMBIA LARGE CAP GROWTH FUND COLUMBIA DISCIPLINED VALUE FUND COLUMBIA COMMON STOCK FUND COLUMBIA SMALL CAP CORE FUND COLUMBIA DIVIDEND INCOME FUND Supplement to the Statement of Additional Information dated February 1, 2006 At a meeting held on September 13, 2006, shareholders of Columbia Small Company Equity Fund (the "Fund") approved the reorganization of the Fund into Columbia Small Cap Growth Fund II (the "Reorganization"). The Reorganization took place on September 22, 2006. Accordingly, effective September 25, 2006, all references to the Fund in the Statement of Additional Information are removed. INT-50/114007-0906 October 6, 2006 COLUMBIA TAX-EXEMPT FUND Supplement to the Prospectus dated March 27, 2006 Class A, Class B and Class C Shares At a meeting held on September 6, 2006, shareholders of Columbia Tax-Exempt Insured Fund (the "Fund") approved the reorganization of the Fund into Columbia Tax-Exempt Fund (the "Reorganization"). The Reorganization took place on September 22, 2006. Accordingly, effective September 25, 2006, all references to the Fund in the Prospectus are removed. INT-47/114106-0906 October 6, 2006 COLUMBIA TAX-EXEMPT FUND Supplement to the Statement of Additional Information dated March 27, 2006 At a meeting held on September 6, 2006, shareholders of Columbia Tax-Exempt Insured Fund (the "Fund") approved the reorganization of the Fund into Columbia Tax-Exempt Fund (the 'Reorganization"). The Reorganization took place on September 22, 2006. Accordingly, effective September 25, 2006, all references to the Fund in the Statement of Additional Information are removed. INT-50/114107-0906 October 6, 2006