File Nos. 33-30394/811-5857
Under Rule 497(e) of Regulation C
[Logo]
Columbia
CMC High Yield Fund
Supplement to the
Prospectus
dated December 16, 1996
On August 14, 1997, Columbia Management Co. ("CMC"), the Funds' investment
advisor, Columbia Funds Management Company ("CFMC"), Columbia Trust Company
("CTC"), the Funds' transfer agent, and Columbia Financial Center Incorporated
("CFCI"), announced that they had entered into an agreement to be acquired by
Fleet Financial Group, Inc. ("Fleet"). Under the agreement, CMC, CFMC, CTC and
CFCI will become subsidiaries of Fleet National Bank, a wholly owned subsidiary
of Fleet. The agreement calls for CMC, CFMC, CTC and CFCI to operate as
autonomous business units of Fleet, and there are no plans to change the Funds
or the individuals responsible for managing Fund portfolios or providing account
services.
The proposed change in ownership of CMC will, however, cause an
"assignment" (as that term is defined under the Investment Company Act of 1940
(the "1940 Act")) of each Fund's investment advisory contract with CMC. Under
the 1940 Act and each investment advisory contract, an assignment results in the
automatic termination of the investment advisory contract. At a meeting held on
October 23, 1997, the Board of Trustees of CMC Fund Trust approved a new
investment advisory contract between each Fund and CMC and recommended that the
new investment advisory contract be submitted to each Fund's shareholders for
approval. The essential terms of the new investment advisory contract approved
by the Board, including the investment advisory fees, are the same as those
under the current investment advisory contract.
Shareholders of the Funds will be receiving a proxy statement describing
the transaction with Fleet in more detail and seeking shareholder approval of
the new investment advisory contract. Subject to the receipt of such approval
and the satisfaction of certain other conditions, it is presently anticipated
that the closing of the transaction will occur by the end of the year.
October 24, 1997
<PAGE>
File Nos. 33-30394/811-5857
Under Rule 497(e) of Regulation C
[Logo]
Columbia
CMC Small Cap Fund
CMC International Stock Fund
Supplement to the
Prospectus
dated December 16, 1996
On August 14, 1997, Columbia Management Co. ("CMC"), the Funds' investment
advisor, Columbia Funds Management Company ("CFMC"), Columbia Trust Company
("CTC"), the Funds' transfer agent, and Columbia Financial Center Incorporated
("CFCI"), announced that they had entered into an agreement to be acquired by
Fleet Financial Group, Inc. ("Fleet"). Under the agreement, CMC, CFMC, CTC and
CFCI will become subsidiaries of Fleet National Bank, a wholly owned subsidiary
of Fleet. The agreement calls for CMC, CFMC, CTC and CFCI to operate as
autonomous business units of Fleet, and there are no plans to change the Funds
or the individuals responsible for managing Fund portfolios or providing account
services.
The proposed change in ownership of CMC will, however, cause an
"assignment" (as that term is defined under the Investment Company Act of 1940
(the "1940 Act")) of each Fund's investment advisory contract with CMC. Under
the 1940 Act and each investment advisory contract, an assignment results in the
automatic termination of the investment advisory contract. At a meeting held on
October 23, 1997, the Board of Trustees of CMC Fund Trust approved a new
investment advisory contract between each Fund and CMC and recommended that the
new investment advisory contract be submitted to each Fund's shareholders for
approval. The essential terms of the new investment advisory contract approved
by the Board, including the investment advisory fees, are the same as those
under the current investment advisory contract.
Shareholders of the Funds will be receiving a proxy statement describing
the transaction with Fleet in more detail and seeking shareholder approval of
the new investment advisory contract. Subject to the receipt of such approval
and the satisfaction of certain other conditions, it is presently anticipated
that the closing of the transaction will occur by the end of the year.
October 24, 1997
