COLUMBIA STRATEGIC INCOME FUND
                                  (THE "FUND")
           SUPPLEMENT TO THE FUND'S PROSPECTUSES DATED OCTOBER 1, 2005

1. The first paragraph under the heading "PRINCIPAL INVESTMENT STRATEGIES" is
revised in its entirety as follows:

The Fund seeks to achieve its goals by investing primarily in:

     o    debt securities issued by the U.S. government, including
          mortgage-backed securities issued by U.S. government agencies. The
          Fund may also participate in mortgage dollar rolls;

     o    debt securities issued by foreign governments and foreign companies,
          including securities issued in emerging market countries; and

     o    lower-rated corporate debt securities.

2. The section under the heading "PRINCIPAL INVESTMENT RISKS" is revised to
include the following:

Mortgage dollar rolls are transactions in which the Fund sells mortgage-backed
securities to a dealer and simultaneously agrees to purchase similar securities
in the future at a predetermined price. These transactions simulate an
investment in mortgage-backed securities and have the potential to enhance the
Fund's returns and reduce its administrative burdens, compared with holding
mortgage-backed securities directly. Mortgage dollar rolls involve the risks
that the market value of the securities the Fund is obligated to repurchase may
decline below the repurchase price, or that the other party may default on its
obligations. These transactions may increase the Fund's portfolio turnover rate.

INT-47/106663-0206                                             February 17, 2006