COLUMBIA MANAGED MUNICIPALS FUND
                                  (THE "FUND")

              SUPPLEMENT TO THE PROSPECTUSES DATED NOVEMBER 1, 2004

The Board of Trustees of the Fund has approved a proposal to reorganize the Fund
into Columbia Tax-Exempt Fund (the "Acquiring Fund"), subject to approval by
shareholders of the Fund. If shareholders of the Fund approve the proposal
relating to the reorganization of the Fund, all of the assets of the Fund will
be transferred to the Acquiring Fund and shareholders of the Fund will receive
shares of the Acquiring Fund in exchange for their shares. Shareholders of the
Fund are scheduled to vote on the proposal relating to the reorganization of
their Fund at a special meeting of shareholders currently expected to be held in
the third quarter of 2005. If approved at the special meeting, the
reorganization is proposed to take place within a reasonable time thereafter.


The foregoing is not an offer to sell, nor a solicitation of an offer to buy,
shares of the Acquiring Fund, nor is it a solicitation of any proxy. For more
information regarding the Acquiring Fund, or to receive a free copy of a
prospectus/proxy statement relating to a proposed reorganization (and containing
important information about fees, expenses and risk considerations) once a
registration statement relating to the proposed reorganizations has been filed
with the Securities and Exchange Commission and become effective, please call
1-800-345-6611 or visit the Fund's website at www.columbiafunds.com. The
prospectus/proxy statement will also be available for free on the Securities and
Exchange Commission's website (http://www.sec.gov). Please read the
prospectus/information statement carefully before making any investment
decisions.



                                                               February 14, 2005