LIBERTY ACORN TRUST

                Supplement to Statement of Additional Information

The Trust's statement of additional information is amended to set forth the
eligibility requirements for the purchase of Class Z shares as follows:

Only Eligible Investors may purchase Class Z shares, directly or by exchange.
The Eligible Investors described below are subject to different minimum initial
investment requirements. Eligible Investors and their applicable investment
minimums are as follows:

$1,000 minimum initial investment

o        any shareholder (as well as any family member or person listed on an
         account registration for any account of the shareholder) of a fund
         distributed by Liberty Funds Distributor, Inc. ("LFD") (i) who holds
         Class Z shares; (ii) who holds Class A shares that were exchanged with
         Class Z shares; or (iii) who purchased certain no-load shares of funds
         merged with funds distributed by LFD;

o        any trustee or director (or family member) of any fund distributed by
         LFD; and

o        any employee (or family member) of FleetBoston Financial Corporation or
         its subsidiaries.

$100,000 minimum initial investment

o        clients of broker-dealers or registered investment advisors that both
         recommend the purchase of fund shares and charge such clients an
         asset-based fee; and

o        any insurance company, trust company, bank, endowment, investment
         company or foundation purchasing shares for its own account.

No minimum initial investment

o        any client of Fleet National Bank ("Fleet") or a subsidiary (for shares
         purchased through any asset management, trust, retirement plan
         administration or similar arrangement with Fleet or the subsidiary);

o        a retirement plan (or the custodian for such plan) with aggregate plan
         assets of at least $5 million at the time of purchase and which
         purchases shares directly from LFD or through a third-party
         broker-dealer;

o        shares purchased through Columbia Management Group-affiliated state
         tuition plans, organized under Section 529 of the Internal Revenue
         Code;

o        any investment company whose shares are distributed by LFD; and

o        any person investing all or part of the proceeds of a distribution,
         rollover or transfer of assets into a Liberty Individual Retirement
         Account from any deferred compensation plan which was a shareholder of
         any of the funds of Liberty Acorn Trust on September 29, 2000, in which
         the investor was a participant and through which the investor invested
         in one or more of the funds of Liberty Acorn Trust immediately prior to
         the distribution, transfer or rollover.









G-35/486L-1002                                                  October 14, 2002