COLUMBIA FUNDS

                                SUPPLEMENT TO THE
               COLUMBIA FUNDS' STATEMENT OF ADDITIONAL INFORMATION
                             DATED NOVEMBER 1, 2002


1. Effective immediately, the paragraph under the sub-heading "PRIVILEGES OF
CERTAIN SHAREHOLDERS" of the section entitled "PROGRAMS FOR REDUCING OR
ELIMINATING SALES CHARGES" has been modified as follows:

PRIVILEGES OF CERTAIN SHAREHOLDERS. Any shareholder eligible to buy Class Z
shares may purchase Class A shares of any fund distributed by LFD at NAV in
those cases where a Class Z share is not available. Qualifying shareholders will
not be subject to any Class A initial sales charge or CDSC; however, the Class A
shares will be subject to Rule 12b-1 service fees.

In addition, any shareholder who purchases Class D shares (of any fund
distributed by LFD) through a financial advisor firm that is a party to a dealer
agreement or other sales arrangement with LFD that provides for such purchases,
may purchase Class D shares at NAV. A CDSC may apply if these shares are sold
within 12 months of purchase. The Class D shares will be subject to Rule 12b-1
service fees. The financial advisor firm receives a 1% initial commission on
sales of Class D shares at NAV.

2. Effective immediately, the eligibility requirements for the purchase of Class
Z shares are 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 obtained by
         exchanging 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 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 an 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        Investors purchasing through Columbia Management Group state tuition
         plans organized under Section 529 of the Internal Revenue Code; 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.

COL-35/965L-1102                                               November 20, 2002