COLUMBIA ACORN TRUST

                               COLUMBIA ACORN FUND
                          COLUMBIA ACORN INTERNATIONAL
                               COLUMBIA ACORN USA
                              COLUMBIA ACORN SELECT
                       COLUMBIA ACORN INTERNATIONAL SELECT
                            COLUMBIA THERMOSTAT FUND

     The Funds listed above are referred to collectively as the "Funds" and
Columbia Acorn Trust is referred to herein as the "Trust." This supplement is
effective on the date of the name changes and product and services changes
referenced below, currently expected to be August 22, 2005.

                      SUPPLEMENT TO THE CURRENT PROSPECTUS
                      FOR EACH FUND'S CLASS A, B & C SHARES

     1. Columbia Funds Distributor, Inc. (the Funds' distributor) and Columbia
Funds Services, Inc. (the Funds' transfer agent) will change their names to
Columbia Management Distributors, Inc. and Columbia Management Services, Inc.,
respectively.

     2. The footnotes to the table entitled "Shareholder Fees" are revised to
provide that the contingent deferred sales charge ("CDSC") applicable to Class A
shares applies only to certain Class A shares bought without an initial sales
charge that are sold within 12 months of purchase.

     3. The section entitled "Investment Minimums" for Columbia Acorn
International, Columbia Acorn International Select and Columbia Thermostat Fund
is revised in its entirety as follows:


The initial investment minimum for the purchase of Class A, B and C shares is
$1,000. For investors establishing an automatic investment plan, the initial
investment minimum is $50. For participants in certain retirement plans the
initial investment minimum is $25. There is no minimum initial investment for
wrap accounts. The Fund reserves the right to change these investment minimums.
The Fund also reserves the right to refuse a purchase order for any reason,
including if it believes that doing so would be in the best interest of the Fund
and its shareholders. Finally, pursuant to the Trust's Agreement and Declaration
of Trust, the Fund reserves the right to redeem your shares if your account
falls below the minimum investment requirements.

Please see the Statement of Additional Information for more details on
investment minimums.

     4. The call-out box entitled "Choosing a Share Class" is revised in its
entirety as follows:

CHOOSING A SHARE CLASS

The Fund offers three classes of shares in this prospectus -- CLASS A, B AND C.
Each share class has its own sales charge and expense structure. Determining
which share class is best for you depends on the dollar amount you are investing
and the number of years for which you are willing to invest. Purchases of
$50,000 or more but less than $1 million can be made only in Class A or Class C
shares. Purchases of $1 million or more can be made only in Class A shares.
Based on your personal situation, your financial advisor can help you decide
which class of shares makes the most sense for you.

     The Fund also offers an additional class of shares, Class Z shares,
exclusively to certain institutional and other investors. Class Z shares are
made available through a separate prospectus provided to eligible institutional
and other investors.

     5. The disclosure following the table entitled "Class A Sales Charges" for
each Fund is revised in its entirety as follows:

In addition to the initial sales charge paid to your financial advisor and
distributor, a 0.25% annual commission is paid to your financial advisor over
the life of your investment out of your Fund assets as a 12b-1 fee.

The Fund's distributor may also pay additional compensation to financial
advisors as an incentive for promoting the sale of shares of funds that it
distributes.

                                                             SUP-47/89930-0805



Class A shares bought without an initial sales charge in accounts aggregating up
to $50 million at the time of purchase are subject to a 1.00% CDSC if the shares
are sold within 12 months of the time of purchase. Subsequent Class A share
purchases that bring your account value above $1 million (but less than $50
million) are subject to a CDSC if redeemed within 12 months of the date of
purchase. The 12-month period begins on the first day of the month in which the
purchase was made. The CDSC does not apply to retirement plans purchasing
through a fee-based program.

     6. For all funds, the table entitled "Purchases Over $1 Million" for Class
A Shares is replaced in its entirety as follows:

  Purchases Over $1 Million

  AMOUNT PURCHASED                                    COMMISSION %

  Less than $3 million                                   1.00
  -------------------------------------------- -----------------------------
  $3 million to less than $50 million                    0.50
  -------------------------------------------- -----------------------------
  $50 million or more                                    0.25


For certain group retirement plans, financial advisors will receive a 1%
commission from the distributor on all purchases less than $3 million.

     7. The section entitled "Reduced Sales Charges for Larger Investments" is
revised in its entirety as follows:

     A.   What are the principal ways to obtain a breakpoint discount?

There are two principal ways you may pay a lower sales charge (often referred to
as "breakpoint discounts") when purchasing Class A shares of the Fund and other
funds in the Columbia family of funds.

RIGHTS OF ACCUMULATION The value of eligible accounts (regardless of class)
maintained by you and each member of your immediate family may be combined with
the value of your current purchase to reach a sales charge discount level
(according to the chart on the previous page) and to obtain the lower sales
charge for your current purchase. To calculate the combined value of the
accounts, the Fund will use the shares' current public offering price.

STATEMENT OF INTENT You also may pay a lower sales charge when purchasing Class
A shares by signing a Statement of Intent. By doing so, you would be able to pay
the lower sales charge on all purchases made under the Statement of Intent
within 13 months. As described in the chart on the previous page, the first
breakpoint discount will be applied when total purchases reach $50,000. If your
Statement of Intent purchases are not completed within 13 months, you will be
charged the applicable sales charge on the amount you had invested to that date.
To calculate the total value of your Statement of Intent purchases, the Fund
will use the historic cost (i.e. dollars invested) of the shares held in each
eligible account. You must retain all records necessary to substantiate historic
costs because the Fund and your financial intermediary may not maintain this
information.

     B.   What accounts are eligible for breakpoint discounts?

The types of eligible accounts that may be aggregated to obtain one or both of
the breakpoint discounts described above include:

     o    Individual accounts
     o    Joint accounts
     o    Certain IRA accounts
     o    Certain trusts
     o    UTMA/UGMA accounts

For the purposes of obtaining a breakpoint discount, members of your "immediate
family" include your spouse, parent, step parent, legal guardian, child, step
child, father in-law and mother in-law. Eligible accounts include those
registered in the name of your dealer or other financial intermediary through
which you own Columbia fund shares. The value of your investment in a Columbia
money market fund held in an eligible account may be aggregated with your
investments in other funds in the Columbia family of funds to obtain a
breakpoint discount through a Right of Accumulation. Money market funds may also
be included in the aggregation for a Statement of Intent for shares that have
been charged a commission.



     C.   How do I obtain a breakpoint discount?

The steps necessary to obtain a breakpoint discount depend on how your account
is maintained with the Columbia family of funds. To obtain any of the above
breakpoint discounts, you must notify your financial advisor at the time you
purchase shares of the existence of each eligible account maintained by you or
your immediate family. It is the sole responsibility of your financial advisor
to ensure that you receive discounts for which you are eligible and the Fund is
not responsible for a financial advisors' failure to apply the eligible discount
to your account. You may be asked by the Fund or your financial advisor for
account statements or other records to verify your discount eligibility,
including, where applicable, records for accounts opened with a different
financial advisor and records of accounts established by members of your
immediate family. If you own shares exclusively through an account maintained
with the Fund's transfer agent, Columbia Management Services, Inc., you will
need to provide the foregoing information to a Columbia Management Services,
Inc. representative at the time you purchase shares.

     D.   How can I obtain more information about breakpoint discounts?

Certain investors, including affiliates of the Funds, broker/dealers and their
affiliates, investors in wrap-fee programs, though fee-based advisers or certain
retirement plans, certain shareholders of funds that were reorganized into the
Funds as well as investors using the proceeds of redemptions of Fund shares or
of certain Bank of America trust or similar accounts, may purchase shares at a
reduced sales charge or net asset value, which is the value of a fund share
excluding any sales charges. CDSCs may also be waived for redemptions under a
systematic withdrawal program, in connection with the death or post-purchase
disability of a shareholder, certain medical expenses, charitable gifts,
involuntary and tax-related redemptions, or when the selling broker/dealer has
agreed to waive or return its commission. Restrictions may apply to certain
accounts and certain transactions. Further information regarding these discounts
may be found in the Fund's Statement of Additional Information and at
www.columbiafunds.com.

     8. All disclosure related to Class B Sales Charges under the section
entitled "SALES CHARGES" is revised in its entirety as follows:

CLASS B SHARES Your purchases of Class B shares are at Class B's net asset
value. Class B shares have no front-end sales charge, but they do carry a CDSC
that is imposed only on shares sold prior to elimination of the CDSC as shown in
the applicable chart below. The CDSC generally declines each year and eventually
disappears over time. The distributor pays your financial advisor an up-front
commission on sales of Class B shares as described in the charts below.

     9. For Columbia Acorn Fund, Columbia Acorn USA and Columbia Acorn Select,
the table entitled "Class B Sales Charges" is replaced in its entirety as
follows:

Purchases of less than $50,000*

   HOLDING PERIOD AFTER PURCHASE                        % DEDUCTED WHEN
                                                        SHARES ARE SOLD

   Through first year                                        5.00
   ---------------------------------------- ----------------------------------
   Through second year                                       4.00
   ---------------------------------------- ----------------------------------
   Through third year                                        3.00
   ---------------------------------------- ----------------------------------
   Through fourth year                                       3.00
   ---------------------------------------- ----------------------------------
   Through fifth year                                        2.00
   ---------------------------------------- ----------------------------------
   Through sixth year                                        1.00
   ---------------------------------------- ----------------------------------
   Longer than six years                                     0.00

* Only applicable to accounts opened prior to December 15, 2003 for Columbia
Acorn Fund and Columbia Acorn USA, and prior to August 5, 2005 for Columbia
Acorn Select.

Commission to financial advisors is 4.00%.

Automatic conversion to Class A shares occurs eight years after purchase.



     10. For Columbia Acorn International, Columbia Acorn International Select
and Columbia Thermostat Fund, the table entitled "Class B Sales Charges" is
replaced in its entirety as follows:

Purchases of less than $50,000

   HOLDING PERIOD AFTER PURCHASE                       % DEDUCTED WHEN
                                                       SHARES ARE SOLD

   Through first year                                       5.00
   ---------------------------------------- ----------------------------------
   Through second year                                      4.00
   ---------------------------------------- ----------------------------------
   Through third year                                       3.00
   ---------------------------------------- ----------------------------------
   Through fourth year                                      3.00
   ---------------------------------------- ----------------------------------
   Through fifth year                                       2.00
   ---------------------------------------- ----------------------------------
   Through sixth year                                       1.00
   ---------------------------------------- ----------------------------------
   Longer than six years                                    0.00

Commission to financial advisors is 4.00%.

Automatic conversion to Class A shares occurs eight years after purchase.

     11. For all Funds, the instructions with respect to redemptions by
systematic withdrawal plan in the table under the section "How to Sell Shares"
are revised in their entirety as follows:

You may automatically sell a specified dollar amount or percentage of your
account on a monthly, quarterly or semi-annual basis and have the proceeds sent
to you if your account balance is at least $5,000. The $5,000 minimum account
balance requirement has been waived for wrap accounts. This feature is not
available if you hold your shares in certificate form. All dividend and capital
gains distributions must be reinvested. Be sure to complete the appropriate
section of the account application for this feature.





                              COLUMBIA ACORN TRUST

                               COLUMBIA ACORN FUND
                               COLUMBIA ACORN USA
                              COLUMBIA ACORN SELECT

     The Funds listed above are referred to collectively as the "Funds" and
Columbia Acorn Trust is referred to herein as the "Trust." This supplement is
effective on the date of the name changes and product and services changes
referenced below, currently expected to be August 22, 2005.

                      SUPPLEMENT TO THE CURRENT PROSPECTUS

                         FOR EACH FUND'S CLASS Z SHARES

     1. Columbia Funds Distributor, Inc. (the Funds' distributor) and Columbia
Funds Services, Inc. (the Funds' transfer agent) will change their names to
Columbia Management Distributors, Inc. and Columbia Management Services, Inc.,
respectively.

     2. The section entitled "Eligible Investors" is revised in its entirety as
follows:

Only Eligible Investors may purchase Class Z shares of the Fund, directly or by
exchange. Class Z shares of the Fund generally are available only to certain
"grandfathered" shareholders and to investors holding accounts with
intermediaries that assess account level fees for the services they provide.
Please read the following section for a more detailed description of the
eligibility requirements. The Eligible Investors described below are subject to
different minimum initial investment requirements.

IMPORTANT THINGS TO CONSIDER WHEN DECIDING ON A CLASS OF SHARES:

Broker-dealers, investment advisers or financial planners selling mutual fund
shares may offer their clients more than one class of shares in a fund with
different pricing options. This allows you and your financial advisor to choose
among different types of sales charges and different levels of ongoing operating
expenses, depending on the investment programs your financial advisor offers.
Investors should consider carefully any separate transactions and other fees
charged by these programs in connection with investing in any available share
class before selecting a share class.

Eligibility for certain waivers, exemptions or share classes by new or existing
investors may not be readily available or accessible through all intermediaries
or all types of accounts offered by an intermediary. Accessibility of these
waivers through a particular intermediary may also change at any time. If you
believe you are eligible to purchase shares under a specific exemption, but are
not permitted by your intermediary to do so, please contact your intermediary.
You may be asked to provide information, including account statements and other
records, regarding your eligibility.

Eligible Investors and their applicable investment minimums are as follows:

No minimum initial investment

o    Any trustee or director (or family member) of Columbia Acorn Trust;

o    Any employee (or family member) of Columbia Wanger Asset Management, L.P.;

o    Any group retirement plan, including defined benefit and defined
     contribution plans such as: 401(k), 403(b), and 457(b) plans (but excluding
     individual retirement accounts (IRAs)), for which an intermediary or other
     entity provides services and is not compensated by the Funds for those
     services, other than payments for shareholder servicing or sub-accounting
     performed in place of a Fund's transfer agent; or

o    Any investor purchasing through a Columbia Management Group state tuition
     plan organized under Section 529 of the Internal Revenue Code.


                                                             SUP-47/89935-0805




$50,000 minimum initial investment

o    Any shareholder (as well as any family member of a shareholder or person
     listed on an account registration for any account of the shareholder) of a
     fund distributed by Columbia Management Distributors, Inc. (CMD) (i) who
     holds Class Z shares; (ii) who held Primary A shares prior to August 22,
     2005; (iii) who holds Class A shares that were obtained by exchange of
     Class Z shares; or (iv) who purchased certain no-load shares of a fund
     merged with a fund distributed by CMD;

o    Any trustee or director (or family member of a trustee or director) of any
     fund distributed by CMD (other than Columbia Wanger Asset Management,
     L.P.);

o    Any employee (or family member of an employee) of Bank of America
     Corporation or a subsidiary;

o    Any investor participating in an account offered by an intermediary or
     other entity that provides services to such an account, is paid an
     asset-based fee by the investor and is not compensated by the Funds for
     those services, other than payments for shareholder servicing or
     sub-accounting performed in place of the Fund's transfer agent (each
     investor purchasing through an intermediary must independently satisfy the
     $50,000 minimum investment requirement);

o    Any client of Bank of America Corporation or a subsidiary purchasing shares
     through an asset management company, trust, fiduciary, retirement plan
     administration or similar arrangement with Bank of America Corporation or
     the subsidiary;

o    Any person investing all or part of the proceeds of a distribution,
     rollover or transfer of assets into a Columbia Management Individual
     Retirement Account, from any deferred compensation plan which was a
     shareholder of any of the funds of Columbia Acorn Trust (formerly named
     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 Columbia Acorn Trust immediately prior to the distribution,
     transfer or rollover.

o    Any institutional investor which is a corporation, partnership, trust,
     foundation, endowment, institution, government entity, or similar
     organization; which meets the respective qualifications for an accredited
     investor, as defined under the Securities Act of 1933; or

o    Certain financial institutions and intermediaries, such as insurance
     companies, trust companies, banks, endowments, investment companies or
     foundations, purchasing shares for its own account, including Bank of
     America Corporation, its affiliates, or subsidiaries.

The Funds reserve the right to change the criteria for eligible investors and
the investment minimums. For accounts opened prior to December 15, 2003 for
Columbia Acorn Fund and Columbia Acorn USA, and prior to August 5, 2005 for
Columbia Acorn Select, no minimum investment applies to accounts participating
in the automatic investment plan; however, each investment requires a $25
minimum purchase. The Funds also reserve the right to refuse a purchase order
for any reason, including if it believes that doing so would be in the best
interest of the Fund and its shareholders. Finally, pursuant to the Trust's
Agreement and Declaration of Trust, the Fund reserves the right to redeem your
shares if your account falls below the minimum investment requirements.




                              COLUMBIA ACORN TRUST

                          COLUMBIA ACORN INTERNATIONAL
                       COLUMBIA ACORN INTERNATIONAL SELECT
                            COLUMBIA THERMOSTAT FUND

     The Funds listed above are referred to collectively as the "Funds" and
Columbia Acorn Trust is referred to herein as the "Trust." This supplement is
effective on the date of the name changes and product and services changes
referenced below, currently expected to be August 22, 2005.

                      SUPPLEMENT TO THE CURRENT PROSPECTUS

                         FOR EACH FUND'S CLASS Z SHARES

     1. Columbia Funds Distributor, Inc. (the Funds' distributor) and Columbia
Funds Services, Inc. (the Funds' transfer agent) will change their names to
Columbia Management Distributors, Inc. and Columbia Management Services, Inc.,
respectively.

     2. The section entitled "Eligible Investors" is revised in its entirety as
follows:

Only Eligible Investors may purchase Class Z shares of the Fund, directly or by
exchange. Class Z shares of the Fund generally are available only to certain
"grandfathered" shareholders and to investors holding accounts with
intermediaries that assess account level fees for the services they provide.
Please read the following section for a more detailed description of the
eligibility requirements. The Eligible Investors described below are subject to
different minimum initial investment requirements.

IMPORTANT THINGS TO CONSIDER WHEN DECIDING ON A CLASS OF SHARES:

Broker-dealers, investment advisers or financial planners selling mutual fund
shares may offer their clients more than one class of shares in a fund with
different pricing options. This allows you and your financial advisor to choose
among different types of sales charges and different levels of ongoing operating
expenses, depending on the investment programs your financial advisor offers.
Investors should consider carefully any separate transactions and other fees
charged by these programs in connection with investing in any available share
class before selecting a share class.

Eligibility for certain waivers, exemptions or share classes by new or existing
investors may not be readily available or accessible through all intermediaries
or all types of accounts offered by an intermediary. Accessibility of these
waivers through a particular intermediary may also change at any time. If you
believe you are eligible to purchase shares under a specific exemption, but are
not permitted by your intermediary to do so, please contact your intermediary.
You may be asked to provide information, including account statements and other
records, regarding your eligibility.

Eligible Investors and their applicable investment minimums are as follows:

No minimum initial investment

o    Any client of Bank of America Corporation or a subsidiary purchasing shares
     through an asset management company, trust, fiduciary, retirement plan
     administration or similar arrangement with Bank of America Corporation or
     the subsidiary;

o    Any group retirement plan, including defined benefit and defined
     contribution plans such as: 401(k), 403(b), and 457(b) plans (but excluding
     individual retirement accounts (IRAs)), for which an intermediary or other
     entity provides services and is not compensated by the Funds for those
     services, other than payments for shareholder servicing or sub-accounting
     performed in place of a Fund's transfer agent;

o    Any investor purchasing through a Columbia Management Group state tuition
     plan organized under Section 529 of the Internal Revenue Code; or

                                                             SUP-47/90036-0805



o    Any person investing all or part of the proceeds of a distribution,
     rollover or transfer of assets into a Columbia Management Individual
     Retirement Account, from any deferred compensation plan which was a
     shareholder of any of the funds of Columbia Acorn Trust (formerly named
     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 Columbia Acorn Trust immediately prior to the distribution,
     transfer or rollover.

$1,000 minimum initial investment (by purchase, exchange or transfer)

o    Any shareholder (as well as any family member of a shareholder or person
     listed on an account registration for any account of the shareholder) of a
     fund distributed by Columbia Management Distributors, Inc. (CMD) (i) who
     holds Class Z shares; (ii) who held Primary A shares prior to August 22,
     2005; (iii) who holds Class A shares that were obtained by exchange of
     Class Z shares; or (iv) who purchased certain no-load shares of a fund
     merged with a fund distributed by CMD;

o    Any trustee or director (or family member of a trustee or director) of any
     fund distributed by CMD;

o    Any employee (or family member of an employee) of Bank of America
     Corporation or a subsidiary;

o    Any investor participating in an account offered by an intermediary or
     other entity that provides services to such an account, is paid an
     asset-based fee by the investor and is not compensated by the Funds for
     those services, other than payments for shareholder servicing or
     sub-accounting performed in place of the Fund's transfer agent (each
     investor purchasing through an intermediary must independently satisfy the
     $1,000 minimum investment requirement);

o    Any institutional investor which is a corporation, partnership, trust,
     foundation, endowment, institution, government entity, or similar
     organization; which meets the respective qualifications for an accredited
     investor, as defined under the Securities Act of 1933; or

o    Certain financial institutions and intermediaries, such as insurance
     companies, trust companies, banks, endowments, investment companies or
     foundations, purchasing shares for its own account, including Bank of
     America Corporation, its affiliates, or subsidiaries.

The Funds reserve the right to change the criteria for eligible investors and
the investment minimums. No minimum investment applies to accounts participating
in the automatic investment plan; however, each investment requires a $25
minimum purchase. The Funds also reserve the right to refuse a purchase order
for any reason, including if it believes that doing so would be in the best
interest of the Fund and its shareholders. Finally, pursuant to the Trust's
Agreement and Declaration of Trust, the Fund reserves the right to redeem your
shares if your account falls below the minimum investment requirements.




                              COLUMBIA ACORN TRUST

                               COLUMBIA ACORN FUND
                          COLUMBIA ACORN INTERNATIONAL
                               COLUMBIA ACORN USA
                              COLUMBIA ACORN SELECT
                       COLUMBIA ACORN INTERNATIONAL SELECT
                            COLUMBIA THERMOSTAT FUND

     The Funds listed above are referred to collectively as the "Funds" and
Columbia Acorn Trust is referred to herein as the "Trust." This supplement is
effective on the date of the name changes and product and services changes
referenced below, currently expected to be August 22, 2005.

                        SUPPLEMENT TO EACH FUND'S CURRENT
                       STATEMENT OF ADDITIONAL INFORMATION

     1. Columbia Funds Distributor, Inc. (the Funds' distributor) and Columbia
Funds Services, Inc. (the Funds' transfer agent) will change their names to
Columbia Management Distributors, Inc. (CMD) and Columbia Management Services,
Inc. (CMS), respectively.

     2. The section entitled "PROGRAMS FOR REDUCING OR ELIMINATING SALES
CHARGES" is revised in its entirety as follows:

RIGHTS OF ACCUMULATION (Columbia Class A and Class T shares, Nations Class A
shares and Galaxy Retail A shares only) (Class T shares can only be purchased by
the shareholders of Columbia Newport Tiger Fund (formerly named Liberty Newport
Tiger Fund) who already own Class T shares). Reduced sales charges on Class A
and T shares can be effected by combining a current purchase of Class A or Class
T shares with prior purchases of other funds and classes distributed by CMD. The
applicable sales charge is based on the combined total of:

     1.   the current purchase; and

     2.   the value at the public offering price at the close of business on the
          previous day of all shares of funds for which CMD serves as
          distributor held by the shareholder.

CMD must be promptly notified of each purchase with respect to which a
shareholder is entitled to a reduced sales charge. Such reduced sales charge
will be applied upon confirmation of the shareholder's holdings by CMS. A Fund
may terminate or amend this Right of Accumulation.

STATEMENT OF INTENT (Class A, Class E and Class T shares only). Any person may
qualify for reduced sales charges on purchases of Class A, E and T shares made
within a thirteen-month period pursuant to a Statement of Intent ("Statement").
A shareholder may include, as an accumulation credit toward the completion of
such Statement, the value of all fund shares held by the shareholder on the date
of the Statement in Funds (except shares of any money market fund, unless such
shares were acquired by exchange from Class A shares of another non-money market
fund)). The value is determined at the public offering price on the date of the
Statement. Purchases made through reinvestment of distributions do not count
toward satisfaction of the Statement.

During the term of a Statement, CMS will hold shares in escrow to secure payment
of the higher sales charge applicable to Class A, E or T shares actually
purchased. Dividends and capital gains will be paid on all escrowed shares and
these shares will be released when the amount indicated has been purchased. A
Statement does not obligate the investor to buy or a Fund to sell the amount of
the Statement.

If a shareholder exceeds the amount of the Statement and reaches an amount which
would qualify for a further quantity discount, a retroactive price adjustment
will be made at the time of expiration of the Statement (provided the FSF
returns to CMD the excess commission previously paid during the thirteen-month
period). The resulting difference in offering price will purchase additional
shares for the shareholder's account at the applicable offering price.

                                                             SUP-39/90200-0805



If the amount of the Statement is not purchased, the shareholder shall remit to
CMD an amount equal to the difference between the sales charge paid and the
sales charge that should have been paid. If the shareholder fails within twenty
days after a written request to pay such difference in sales charge, CMS will
redeem escrowed Class A, E or T shares with a value equal to such difference.
The additional FSF commission will be remitted to the shareholder's FSF of
record.

Additional information about and the terms of Statements of Intent are available
from your FSF, or from CMS at 1-800-345-6611.

NET ASSET VALUE ELIGIBILITY GUIDELINES (IN THIS SECTION, THE "ADVISOR" REFERS TO
COLUMBIA MANAGEMENT ADVISORS, INC. IN ITS CAPACITY AS THE ADVISOR OR
ADMINISTRATOR TO CERTAIN FUNDS).

1.   Employees, brokers and various relationships that are allowed to buy at
     NAV. Class A shares of certain Funds may be sold at (NAV) to the following
     individuals, whether currently employed or retired: Employees of Bank of
     America Corporation (and its predecessors), its affiliates and
     subsidiaries; Trustees of funds advised or administered by the Advisor;
     directors, officers and employees of the Advisor, CMD, or its successors
     and companies affiliated with the Advisor; Registered representatives and
     employees of Financial Service Firms (including their affiliates) that are
     parties to dealer agreements or other sales arrangements with CMD; Nations
     Funds' Trustees, Directors and employees of its investment sub-advisers;
     Broker/Dealers if purchases are in accordance with the internal policies
     and procedures of the employing broker/dealer and made for their own
     investment purposes; employees or partners of any contractual service
     provider to the funds

     NAV eligibility for Class A purchase also applies to the families of the
     parties listed above and their beneficial accounts. Family members include:
     spouse, parent, stepparent, legal guardian, child, stepchild, father-in-law
     and mother-in-law.

     Individuals receiving a distribution from a Bank of America trust,
     fiduciary, custodial or other similar account may use the proceeds of that
     distribution to buy Class A shares without paying a front-end sales charge,
     as long as the proceeds are invested in the funds within 90 days of the
     date of distribution.

     Registered broker/dealer firms that have entered into a Nations Funds
     dealer agreement with BACAP Distributors, LLC may buy Class A shares
     without paying a front-end sales charge for their investment account only.

     Banks, trust companies and thrift institutions, acting as fiduciaries.

2.   Grandfathered investors. Any shareholder who owned shares of any fund of
     Columbia Acorn Trust (formerly named Liberty Acorn Trust) on September 29,
     2000 (when all of the then outstanding shares of Columbia Acorn Trust were
     re-designated Class Z shares) and who since that time has remained a
     shareholder of any Fund, may purchase Class A shares of any Fund at NAV in
     those cases where a Columbia Fund Class Z share is not available.

     Shareholders of certain Funds that reorganized into the Nations Funds who
     were entitled to buy shares at (NAV) will continue to be eligible for NAV
     purchases into those Nations Fund accounts opened through August 19, 2005.

     Galaxy Fund shareholders prior to December 1, 1995; and shareholders who
     (i) purchased Galaxy Fund Prime A shares at net asset value and received
     Class A shares in exchange for those shares during the Galaxy/Liberty Fund
     reorganization; and (ii) continue to maintain the account in which the
     Prime A shares were originally purchased.

     (For Class T shares only) Shareholders who (i) purchased Galaxy Fund Retail
     A shares at net asset value and received Class T shares in exchange for
     those shares during the Galaxy/Liberty Fund reorganization; and (ii)
     continue to maintain the account in which the Retail A shares were
     originally purchased; and Boston 1784 Fund shareholders on the date that
     those funds were reorganized into Galaxy Funds.

3.   Reinstatement. Subject to the fund policy on trading of fund shares, an
     investor who has redeemed class A, B, C, D, G or T shares may, upon
     request, reinstate within 1 year a portion or all of the proceeds of such
     sales in shares of class A of any fund at the NAV next determined after
     Columbia Management Services, Inc. received a written reinstatement request
     and payment.



4.   Retirement Plans. Class A, Class E and Class T shares (Class T shares are
     not currently open to new investors) of certain funds may also be purchased
     at reduced or no sales charge by clients of dealers, brokers or registered
     investment advisors that have entered into arrangements with CMD pursuant
     to which the funds are included as investments options in wrap fee
     accounts, other managed agency/asset allocation accounts or programs
     involving fee-based compensation arrangements, and by participants in
     certain retirement plans.

5.   Non-U.S. Investors. Certain pension, profit-sharing or other employee
     benefit plans offered to non-US investors may be eligible to purchase Class
     A shares with no sales charge.

6.   Reorganizations. At the Fund's discretion, NAV eligibility may apply to
     shares issued in plans of reorganization, such as mergers, asset
     acquisitions and exchange offers, to which the fund is a party.

7.   Rights of Accumulation (ROA). The value of eligible accounts, regardless of
     class, maintained by you and you and your immediate family may be combined
     with the value of your current purchase to reach a sales discount level and
     to obtain the lower sales charge for your current purchase.

8.   Letters of Intent (LOI). You may pay a lower sales charge when purchasing
     class A shares by signing a letter of intent. By doing so, you would be
     able to pay the lower sales charge on all purchases made under the LOI
     within 13 months. If your LOI purchases are not completed within 13 months,
     you will be charged the applicable sales charge on the amount you had
     invested to that date.

WAIVER OF CONTINGENT DEFERRED SALES CHARGES (CDSCS) (IN THIS SECTION, THE
"ADVISOR" REFERS TO COLUMBIA MANAGEMENT ADVISORS, INC. IN ITS CAPACITY AS THE
ADVISOR OR ADMINISTRATOR TO CERTAIN FUNDS) (Class A, B, C, D, E, matured F, G
and T shares) CDSCs may be waived on redemptions in the following situations
with the proper documentation:

1.   Death. CDSCs may be waived on redemptions following the death of (i) the
     sole shareholder on an individual account, (ii) a joint tenant where the
     surviving joint tenant is the deceased's spouse, or (iii) the beneficiary
     of a Uniform Gifts to Minors Act (UGMA), Uniform Transfers to Minors Act
     (UTMA) or other custodial account. If, upon the occurrence of one of the
     foregoing, the account is transferred to an account registered in the name
     of the deceased's estate, the CDSC will be waived on any redemption from
     the estate account If the account is transferred to a new registration and
     then a redemption is requested, the applicable CDSC will be charged.

2.   Systematic Withdrawal Plan (SWP). CDSCs may be waived on redemptions
     occurring pursuant to a monthly, quarterly or semi-annual SWP established
     with CMS, to the extent the redemptions do not exceed, on an annual basis,
     12% of the account's value at the time that the SWP is established.
     Otherwise, CDSCs will be charged on SWP redemptions until this requirement
     is met. For redemptions in excess of 12% of the account's value at the time
     that the SWP is established, a CDSC will be charged on the SWP redemption.
     The 12% limit does not apply if the SWP is set up at the time the account
     is established, and distributions are being reinvested. See below under
     "How to Sell Shares - Systematic Withdrawal Plan."

3.   Disability. CDSCs may be waived on redemptions occurring after the sole
     shareholder on an individual account or a joint tenant on a spousal joint
     tenant account becomes disabled (as defined in Section 72(m)(7) of the
     Internal Revenue Code). To be eligible for such waiver, (i) the disability
     must arise AFTER the purchase of shares (ii) the disabled shareholder must
     have been under age 65 at the time of the initial determination of
     disability, and (iii) a letter from a physician must be signed under
     penalty of perjury stating the nature of the disability. If the account is
     transferred to a new registration and then a redemption is requested, the
     applicable CDSC will be charged.

4.   Death of a trustee. CDSCs may be waived on redemptions occurring upon
     dissolution of a revocable living or grantor trust following the death of
     the sole trustee where (i) the grantor of the trust is the sole trustee and
     the sole life beneficiary, (ii) death occurs following the purchase AND
     (iii) the trust document provides for dissolution of the trust upon the
     trustee's death. If the account is transferred to a new registration
     (including that of a successor trustee), the applicable CDSC will be
     charged upon any subsequent redemption.



5.   Returns of excess contributions. CDSCs may be waived on redemptions
     required to return excess contributions made to retirement plans or
     individual retirement accounts, so long as the FSF agrees to return the
     applicable portion of any commission paid by CMD.

6.   Qualified Retirement Plans. CDSCs may be waived on CMD shares sold by
     employee benefit plans created according to Section 403(b) of the tax code
     and sponsored by a non-profit organization qualified under Section
     501(c)(3) of the tax code. To qualify for the waiver, the plan must be a
     participant in an alliance program that has signed an agreement with
     Columbia Funds or CMD.

7.   Trust Share Taxes. CDSCs will be waived on redemptions of Class E and F
     shares (i) where the proceeds are used to directly pay trust taxes, and
     (ii) where the proceeds are used to pay beneficiaries for the payment of
     trust taxes.

8.   Return of Commission. CDSCs may be waived on shares sold by intermediaries
     that are part of the Columbia Funds selling group where the intermediary
     has entered into an agreement with Columbia Funds not to receive (or to
     return if received) all or any applicable portion of an upfront commission.

9.   Non-U.S. Investors. CDSCs may be waived on shares sold by or distributions
     from certain pension, profit-sharing or other employee benefit plans
     offered to non-U.S. investors.

10.  IRS Section 401 and 457. CDSCs may be waived on shares sold by certain
     pension, profit-sharing or other employee benefit plans established under
     Section 401 or 457 of the tax code.

11.  Medical Payments. CDSCs may be waived on shares redeemed for medical
     payments that exceed 7.5% of income, and distributions made to pay for
     insurance by an individual who has separated from employment and who has
     received unemployment compensation under a federal or state program for at
     least twelve weeks.

12.  Plans of Reorganization. At the Funds' discretion, CDSCs may be waived for
     shares issued in plans of reorganization, such as mergers, asset
     acquisitions and exchange offers, to which a fund is a party.

13.  Charitable Giving Program. CDSCs may be waived on the sale of Class C
     shares sold by a non-profit organization qualified under Section 501(c)(3)
     of the tax code in connection with the Banc of America Capital Management
     Charitable Giving Program.

14.  The CDSC also may be waived where the FSF agrees to return all or an agreed
     upon portion of the commission earned on the sale of the shares being
     redeemed.