COLUMBIA YOUNG INVESTOR FUND
                                  (THE "FUND")

              SUPPLEMENT TO THE PROSPECTUSES DATED FEBRUARY 1, 2006

         The Board of Trustees of the Fund has approved a proposal to reorganize
the Fund into Columbia Strategic Investor Fund (the "Acquiring Fund"), subject
to approval by the shareholders of the Fund. If the shareholders of the Fund
approve the proposal relating to the reorganization of the Fund, and the various
other conditions to the closing of the reorganization are satisfied, 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 2006. If approved at the special
meeting, the reorganization is proposed to take place shortly 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 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. This
prospectus/proxy statement (when available) will contain important information
about fees, expenses and risk considerations. The prospectus/proxy statement
will also be available for free on the Securities and Exchange Commission's
website (www.sec.gov). Please read the prospectus/proxy statement carefully
before making any investment decisions.



INT-47/109655-0406                                               April 25, 2006