COLUMBIA THERMOSTAT FUND
         SUPPLEMENT TO CLASS A, B AND D PROSPECTUS DATED MAY 1, 2003

The Fund's Annual Fund Operating Expenses tables and footnotes on Page 12 of
the Fund's prospectus are replaced in their entirety with the following:

   ANNUAL FUND OPERATING EXPENSES (DEDUCTED FROM FUND ASSETS)

                                                 CLASS A    CLASS B     CLASS D
Management fees(4) (%)                            0.10       0.10        0.10
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Distribution and service (12b-1) fees (%)         0.25*      1.00        1.00
- -------------------------------------------------------------------------------
Other expenses(5) (%)                             1.81       1.81        1.81
- -------------------------------------------------------------------------------
Total annual fund operating expenses(6) (%)       2.16       2.91        2.91
- -------------------------------------------------------------------------------
Expense reimbursement (%)                        -1.31      -1.31       -1.31
- -------------------------------------------------------------------------------
Net expense ratio (%)                             0.85       1.60        1.60
- -------------------------------------------------------------------------------
Expense ratio of Portfolio Funds (%)              0.93       0.93        0.93
- -------------------------------------------------------------------------------
Net expense ratio including expenses of
  Portfolio Funds(7) (%)                          1.78       2.53        2.53
- -------------------------------------------------------------------------------
Gross expense ratio including expenses of
  Portfolio Funds (%)                             3.09       3.84        3.84

* The Fund may pay distribution and service fees of up to a maximum of 0.35% of
  the Fund's average daily net assets attributable to Class A shares (comprised
  of up to 0.10% for distribution services, and up to 0.25% for shareholder
  liason services) but will limit such fees to an aggregate fee of not more
  than 0.25% during the current fiscal year.

(4) In addition to the management fee, the Fund pays the Adviser an
    administrative fee of 0.05%, which is included in "Other expenses."

(5) "Other expenses" are based on estimated amounts for the first year of
    operations.

(6) The Fund's Adviser has contractually agreed to bear a portion of the
    Fund's expenses so that "Total annual fund operating expenses" (excluding
    any distribution and service fees, interest and fees on borrowings and
    expenses associated with the Fund's investment in other investment
    companies) do not exceed 0.60% annually through April 30, 2004. The
    Adviser will have the right to recoup expense reimbursement payments made
    to the Fund through December 31, 2005. This will be accomplished by the
    payment of an expense reimbursement fee by the Fund to the Adviser
    computed and paid monthly, with a limitation that immediately after such
    payment the Fund's Total annual fund operating expenses (excluding any
    distribution and service fees, interest and fees on borrowings and
    expenses associated with the Fund's investment in other investment
    companies) will not exceed 0.60% annually.

(7) Includes the fees and expenses incurred by the Fund directly and
    indirectly from the underlying Portfolio Funds in which the Fund invests.
    The ratios shown above are based on an asset allocation among Portfolio
    Funds as shown on page 4, based on the respective expense ratios of the
    Portfolio Funds for their respective last fiscal years, as adjusted to
    reflect any fee waiver for any Portfolio Fund in effect as of the end of
    its last fiscal year. Based on this allocation, the Fund's estimated
    indirect annual expenses would have been 0.93% (representing management
    fees of 0.59% and other expenses of 0.34%). Such expense ratios ranged
    from 0.77% to 1.27%. The indirect expense ratio of the Fund may be higher
    or lower depending on the portion of the Fund's assets allocated to each
    Portfolio Fund from time to time. The assumed allocation of the Fund's net
    assets among the underlying Liberty and Columbia Funds as shown on page 4
    would have been as follows: Liberty Acorn Fund, 10%; Liberty Acorn Twenty
    Fund, 7.5%; Liberty Growth Stock Fund, 12.5%; Liberty Growth & Income
    Fund, 12.5%; Liberty Select Value Fund, 7.5%; Liberty Federal Securities
    Fund, 15%; Liberty Intermediate Bond Fund, 25%; and Columbia High Yield
    Fund, 10%.

The Fund's Example Expenses on page 13 of the Fund's prospectus are replaced
in their entirety with the following:

   EXAMPLE EXPENSES(8) (YOUR ACTUAL COSTS MAY BE HIGHER OR LOWER)

CLASS                                                        1 YEAR     3 YEARS
Class A:                                                      $745      $1,358
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Class B: did not sell your shares                             $256      $1,052
         sold all your shares at the end of the period        $756      $1,352
- -------------------------------------------------------------------------------
Class D: did not sell your shares                             $353      $1,141
         sold all your shares at the end of the period        $452      $1,141

(8) Includes the fees and expenses incurred by the Fund directly and
    indirectly from the underlying Portfolio Funds in which the Fund invests.
    The example expenses for the one year period reflect the contractual cap
    on expenses referred to in footnote (6), but this arrangement is not
    reflected in the example expenses for the second and third years of the
    three year period.


                           COLUMBIA THERMOSTAT FUND
              SUPPLEMENT TO CLASS Z PROSPECTUS DATED MAY 1, 2003

The Fund's Annual Fund Operating Expenses tables and footnotes on Page 12 of
the Fund's prospectus are replaced in their entirety with the following:

   ANNUAL FUND OPERATING EXPENSES (DEDUCTED FROM FUND ASSETS)

Management fees(3)(%)                                                     0.10
- ------------------------------------------------------------------------------
Distribution and service (12b-1) fees (%)                                 None
- ------------------------------------------------------------------------------
Other expenses(4)(%)                                                      1.66
- ------------------------------------------------------------------------------
Total annual fund operating expenses(5)(%)                                1.76
- ------------------------------------------------------------------------------
Expense reimbursement (%)                                                -1.16
- ------------------------------------------------------------------------------
Net expense ratio (%)                                                     0.60
- ------------------------------------------------------------------------------
Expense ratio of Portfolio Funds (%)                                      0.93
- ------------------------------------------------------------------------------
Net expense ratio including expenses of Portfolio Funds(6)(%)             1.53
- ------------------------------------------------------------------------------
Gross expense ratio including expenses of Portfolio Funds (%)             2.69

(3) In addition to the management fee, the Fund pays the Adviser an
    administrative fee of 0.05%, which is included in "Other expenses."

(4) "Other expenses" are based on estimated amounts for the first year of
    operations.

(5) The Fund's Adviser has contractually agreed to bear a portion of the
    Fund's expenses so that "Total annual fund operating expenses" (excluding
    any distribution and service fees, interest and fees on borrowings and
    expenses associated with the Fund's investment in other investment
    companies) do not exceed 0.60% annually through April 30, 2004. The
    Adviser will have the right to recoup expense reimbursement payments made
    to the Fund through December 31, 2005. This will be accomplished by the
    payment of an expense reimbursement fee by the Fund to the Adviser
    computed and paid monthly, with a limitation that immediately after such
    payment the Fund's Total annual fund operating expenses (excluding any
    distribution and service fees, interest and fees on borrowings and
    expenses associated with the Fund's investment in other investment
    companies) will not exceed 0.60% annually.

(6) Includes the fees and expenses incurred by the Fund directly and
    indirectly from the underlying Portfolio Funds in which the Fund invests.
    The ratios shown above are based on an asset allocation among Portfolio
    Funds as shown on page 4, based on the respective expense ratios of the
    Portfolio Funds for their respective last fiscal years, as adjusted to
    reflect any fee waiver for any Portfolio Fund in effect as of the end of
    its last fiscal year. Based on this allocation, the Fund's estimated
    indirect annual expenses would have been 0.93% (representing management
    fees of 0.59% and other expenses of 0.34%). Such expense ratios ranged
    from 0.77% to 1.27%. The indirect expense ratio of the Fund may be higher
    or lower depending on the portion of the Fund's assets allocated to each
    Portfolio Fund from time to time. The assumed allocation of the Fund's net
    assets among the underlying Liberty and Columbia Funds as shown on page 4
    would have been as follows: Liberty Acorn Fund, 10%; Liberty Acorn Twenty,
    7.5%; Liberty Growth Stock Fund, 12.5%; Liberty Growth & Income Fund,
    12.5%; Liberty Select Value Fund, 7.5%; Liberty Federal Securities Fund,
    15%; Liberty Intermediate Bond Fund, 25%; and Columbia High Yield Fund,
    10%.

The Fund's Example Expenses on page 12 of the Fund's prospectus are replaced
in their entirety with the following:

   EXAMPLE EXPENSES(7) (YOUR ACTUAL COSTS MAY BE HIGHER OR LOWER)

             1 YEAR                         3 YEARS

              $156                           $725

(7) Includes the fees and expenses incurred by the Fund directly and
    indirectly from the underlying Portfolio Funds in which the Fund invests.
    The example expenses for the one year period reflect the contractual cap
    on expenses referred to in footnote (5), but this arrangement is not
    reflected in the example expenses for the second and third years of the
    three year period.