Exposure Updates

Portfolio holdings are subject to change periodically and may not be representative of current holdings. Current and future holdings are subject to risk, including, but not limited to, market and credit risk.

As of the close of business on July 21, 2009:

Certain Columbia Management actively managed equity mutual funds held issues of CIT Group Inc (CIT) amounting to less than 2% of each respective fund’s net assets. These holdings have recently been sold.

Columbia Management’s index mutual funds are managed based on a process of passive replication, and their exposure to CIT common stock is consistent with the exposure and weighting in their respective indices.

Columbia Management’s fixed income mutual funds and money market mutual funds had no exposure to the outstanding debt or equity issues of CIT.

Equity securities are subject to stock market fluctuations that occur in response to economic and business developments. Investing in fixed-income securities may involve certain risks, including the credit quality of individual issuers, possible prepayments, market or economic developments and yields and share price fluctuations due to changes in interest rates. When interest rates go up, bond prices typically drop, and vice versa.

An investment in money market funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

February 23, 2009

December 19, 2008

As of September 5, 2008 at the close of business:

Columbia Management’s actively managed equity mutual funds, not including the Columbia Global Value Fund, held no shares of either Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac) common stock.

Columbia Global Value Fund, a fund sponsored by Columbia and sub advised by Brandes Investment Partners, L.P., had a small exposure (under 1% of the Fund) to Fannie Mae and Freddie Mac common stock.

Columbia Dividend Income Fund, one of Columbia Management’s actively managed equity mutual funds, had a small exposure (under 1% of the Fund) to shares of Fannie Mae preferred stock.

Columbia Management’s index funds are managed based on a process of passive replication and their exposure to Fannie Mae and Freddie Mac common stock is consistent with the exposure and weighting in their respective indexes.

As of September 8, 2008, the government action taken on Fannie Mae and Freddie Mac appears to be having an immediate positive impact on the value of agency debt - both senior and subordinated - and on agency mortgage-related securities held in Columbia Management’s cash and fixed income portfolios.

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.

On April 30, 2010, Ameriprise Financial, Inc., the parent company of RiverSource Investments, LLC, acquired the long-term asset management business of Columbia Management Group, LLC, including certain of its affiliates, which were, prior to this acquisition, part of Bank of America. In connection with the acquisition of the long-term assets, certain clients of Columbia Management Advisors, LLC (including the Columbia Funds) have a new investment adviser, RiverSource Investments, LLC, which is now known as Columbia Management Investment Advisers, LLC. On the same date, Ameriprise Financial also acquired Columbia Wanger Asset Management, L.P. (CWAM). CWAM will continue as the investment adviser for Columbia Acorn and Wanger Funds and no changes are anticipated in the existing investment management team. For those clients that use the services of a subadviser, those arrangements are continuing unless notified otherwise. RiverSource Fund Distributors, Inc., now known as Columbia Management Investment Distributors, Inc., member FINRA, will act as the principal distributor of the Columbia family of funds, which consists of Columbia, Wanger, Columbia Acorn, RiverSource, Seligman and Threadneedle branded funds. RiverSource Service Corporation, now known as Columbia Management Investment Services Corp., is the transfer agent for the Columbia family of funds.