COLUMBIA THERMOSTAT FUND

                        Supplement dated December 7, 2004
                        to Prospectuses dated May 1, 2004

     Effective immediately, the first paragraph under the heading "Managing the
Fund--Portfolio Managers" is deleted in its entirety and replaced by the
following paragraph:

     "Columbia WAM uses a supervisory committee to review on an infrequent basis
the structure and allocation ranges of Thermostat and to make any changes
considered appropriate. The members of the committee are Ralph Wanger and
Charles P. McQuaid."


143-36/817T-1204