497 1 zexch.txt CLASS Z EXCHANGE SUPPLEMENT FOR CFST I Columbia Funds Series Trust I Prospectuses dated November 1, 2006 Columbia Small Cap Value Fund I Columbia High Yield Municipal Fund Prospectuses dated January 1, 2007 Columbia Greater China Fund Columbia Federal Securities Fund Columbia International Stock Fund Columbia Balanced Fund Columbia Conservative High Yield Fund Columbia Oregon Intermediate Municipal Bond Fund Columbia Real Estate Equity Fund Columbia Small Cap Growth Fund I Columbia Mid Cap Growth Fund Columbia Strategic Investor Fund Columbia Technology Fund Prospectuses dated February 1, 2007 Columbia Liberty Fund Columbia Asset Allocation Fund Columbia Dividend Income Fund Columbia Common Stock Fund Columbia Large Cap Growth Fund Columbia Disciplined Value Fund Columbia Small Cap Core Fund Prospectuses dated March 1, 2007 Columbia California Tax-Exempt Fund Columbia Connecticut Tax-Exempt Fund Columbia Massachusetts Tax-Exempt Fund Columbia New York Tax-Exempt Fund Columbia Intermediate Municipal Bond Fund 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 Prospectuses dated April 1, 2007 Columbia Tax-Exempt Fund Supplement to the Prospectuses October 1, 2007 Prospectuses for Class A, Class B, Class C, Class E, Class F, Class R, and Class T shares of the above-referenced funds, as applicable, are hereby supplemented as follows: The language cited below is added following the first sentence within the section "How to Exchange Shares": Certain shareholders invested in a class of shares other than Class Z may become eligible to be invested in Class Z shares. Upon a determination of such eligibility, any such shareholders will be eligible to exchange their shares for Class Z shares. No sales charges will apply to such an exchange. Investors should contact their selling and/or servicing agents to learn more about the details of the Class Z Shares exchange privilege. INT-47/135288-1007 October 1, 2007