Fund Mergers

The fund merger transactions listed below are scheduled to start the weekends of March 21, March 28 and May 2, 2008. As part of these transactions, all funds will be reorganized as Columbia funds to create a unified fund family offering more investment choices for shareholders. Excelsior fund names will no longer be listed in our fund drop-down box as the surviving Columbia fund will be listed instead. Please note that the reorganization transactions are expected to be non-taxable events. New account numbers may be issued as a result of the reorganizations. Excelsior fund share classes will be mapped as follows:

• Shares Class and Institutional Shares Class (except for money market funds) will be exchanged for Class Z shares.

• Retirement Shares Class will be exchanged for Class R shares.

• Shares Class and Institutional Class of money market funds will be exchanged for the Trust Class shares.

March 24, 2008 Transactions:

Please note: The shareholder meeting for Government Money Fund has been adjourned to March 27, 2008 in order to give the fund more time to solicit shareholder votes. Pending shareholder approval, the merger is expected to take place after the close of business on March 28, 2008 to be effective March 31, 2008.

March 31, 2008 Transactions:

May 5, 2008 Transactions:

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