For institutional use only. Not for distribution to the general public.

INT-09/8202 0209 09/AR73982

February 20, 2009

Columbia Management Announces Portfolio Manager Changes to Strategically Integrate Investment Platforms

At Columbia Management, we continually seek ways to offer the best investment services possible for our clients. To that end, we constantly review the composition of our investment teams and have made strategic changes to leverage efficiencies, bring together similar areas of work and reallocate resources opportunistically. While change can sometimes be unsettling, especially in these challenging times, we are committed to making sure client interests are best served. The following changes reflect Columbia Management’s ongoing efforts to integrate our investment platforms in support of our disciplined investment process and team-based approach. Our portfolio managers work with a larger team of other portfolio managers, research analysts, traders and other investment professionals to meet the needs of our clients.

The following changes are effective 2/20/09:

Product Name Portfolio Manager(s) prior to 2/20/09

Portfolio Manager(s) as of 2/20/09

Columbia Intermediate Municipal Bond Fund Columbia Massachusetts Intermediate Municipal Bond Fund

Susan Sanderson Susan Sanderson

Brian McGreevy

Columbia California Intermediate Municipal Bond Fund Columbia Georgia Intermediate Municipal Bond Fund Columbia Maryland Intermediate Municipal Bond Fund Columbia Virginia Intermediate Municipal Bond Fund

Gary Swayze Kimberly Campbell

Gary Swayze Kimberly Campbell

Maureen Newman

Columbia California Tax-Exempt Fund Columbia Connecticut Tax-Exempt Fund Columbia Massachusetts Tax-Exempt Fund Columbia New York Tax-Exempt Fund

Gary Swayze Gary Swayze Gary Swayze Gary Swayze

Kimberly Campbell

Columbia High Yield Municipal Fund

Maureen Newman Chad Farrington

CMG Enhanced S&P 500 Index Fund Columbia Large Cap Enhanced Core Fund Columbia Disciplined Value Fund

Vikram Kuriyan

Brian Condon

Columbia Select Opportunities Fund Columbia Select Opportunities Fund, Variable Series

Richard Bayles Fatima Dickey

Emil Gjester Jonas Patrikson Michael Welter Mary-Ann Ward

Columbia Blended Equity Fund Richard Bayles

Dhruv Toolsidas

Peter Santoro Dhruv Toolsidas

Columbia Value and Restructuring Fund Columbia Value and Restructuring Fund, Variable Series

David Williams Timothy Evnin

David Williams Guy Pope

Columbia Large Cap Index Fund Columbia Mid Cap Index Fund Columbia Small Cap Index Fund Columbia S&P 500® Index Fund, Variable Series

Vikram Kuriyan

Cheryl D'Hollander Peter Joo

For institutional use only. Not for distribution to the general public.

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Columbia Asset Allocation Fund Columbia Asset Allocation Fund II Columbia Asset Allocation Fund, Variable Series Columbia Liberty Fund Columbia LifeGoal® Balanced Growth Portfolio Columbia LifeGoal® Growth Portfolio Columbia LifeGoal® Income Portfolio Columbia LifeGoal® Income & Growth Portfolio Columbia Masters Global Equity Portfolio Columbia Masters Heritage Portfolio Columbia Masters International Equity Portfolio

V. Kuriyan, K. Wurdack, C. Moore L. Aplet, V. Kuriyan

V. Kuriyan, K. Wurdack, C. Moore V. Kuriyan, K. Wurdack, C. Moore

Vikram Kuriyan Vikram Kuriyan Vikram Kuriyan Vikram Kuriyan Vikram Kuriyan Vikram Kuriyan Vikram Kuriyan

Anwiti Bahuguna Colin Moore Kent Peterson

Marie Schofield

Banc of America Retirement 2005 Portfolio Banc of America Retirement 2010 Portfolio Banc of America Retirement 2015 Portfolio Banc of America Retirement 2020 Portfolio Banc of America Retirement 2025 Portfolio Banc of America Retirement 2030 Portfolio Banc of America Retirement 2035 Portfolio Banc of America Retirement 2040 Portfolio

V. Kuriyan, A. Bahuguna

Anwiti Bahuguna Colin Moore Kent Peterson

Marie Schofield

Columbia High Yield Opportunity Fund CMG High Yield Fund Columbia Conservative High Yield Fund

K. Cronk, T. LaPointe

Kevin Cronk

Columbia Income Fund C. Pappo, K. Cronk, T. LaPointe

C. Pappo, K. Cronk

Columbia Intermediate Bond Fund T. LaPointe, K. Cronk, C. Pappo, L. Reddin

K. Cronk, C. Pappo, L. Reddin

Columbia Strategic Income Fund Columbia Strategic Income Fund, Variable Series

K. Cronk, L. Ostrander, T. LaPointe,

K. Cronk, L. Ostrander

Columbia Total Return Bond Fund

A. Powers, J. Carlson, C. Pappo, L. Reddin, K. Cronk,

T. LaPointe, L. Ostrander

A. Powers, J. Carlson, C. Pappo, L. Reddin,

K. Cronk, L. Ostrander

Columbia Management is a comprehensive investment organization managing $386.4 billion in investment management assets,1 and is the proprietary investment management division of Bank of America. Led by Mike Jones and his experienced leadership team, Columbia Management remains committed to all of our businesses, including a research-intensive investment processes and an extensive product array that includes fundamental equity, quantitative strategies, taxable and tax-exempt fixed income and cash. The investment management leadership team consisting of Colin Moore, chief investment officer, Robert McConnaughey, head of equity and Steve Peacher, head of fixed income remains in place.

Prospectus supplements will soon be available on www.columbiamanagement.com. If you have any questions, please call your relationship manager or dedicated service team.

Financial Institutions

800.718.9009

Institutional Dealers

800.626.2275

Broker/ Dealers

800.215.5005

Registered Investment Advisors

866.444.5435

Independent Advisors

800.446.4008

Investment-Only Distribution

(DC/VA) 877.894.3592

U.S. Trust, Bank of America Private Wealth

Management 800.521.1297

For institutional use only. Not for distribution to the general public.

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Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus, which contains this and other important information about the fund, contact your Columbia Management representative or financial advisor or go to www.columbiamanagement.com. Columbia Management Group, LLC (“Columbia Management”) is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member FINRA and SIPC. Columbia Management Distributors, Inc. is part of Columbia Management and an affiliate of Bank of America Corporation. ¹The above assets under management numbers reflect the restatement of assets as of 12/31/08 by Columbia Management. As of December 31, 2008, Columbia Management Group, LLC (Columbia Management) managed assets of $386.4 billion. Columbia Management managed assets consist of assets under the discretionary management of Columbia Management Advisors, LLC ($367.2 billion) and Columbia Wanger Asset Management, L.P. ($19.3 billion), SEC registered investment advisors and indirect, wholly owned subsidiaries of Bank of America Corporation. Please note that when the assets for these two entities are aggregated, the total assets will be greater than the Columbia Management assets as a result of subadvisory relationships between the entities.