COLUMBIA COMMON STOCK FUND, INC.
                           COLUMBIA GROWTH FUND, INC.
                       COLUMBIA MID CAP GROWTH FUND, INC.
                     COLUMBIA REAL ESTATE EQUITY FUND, INC.
                         COLUMBIA TECHNOLOGY FUND, INC.
                     COLUMBIA STRATEGIC INVESTOR FUND, INC.
                          COLUMBIA BALANCED FUND, INC.
                       COLUMBIA SHORT TERM BOND FUND, INC.
                   COLUMBIA FIXED INCOME SECURITIES FUND, INC.
                   COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC.
                    COLUMBIA OREGON MUNICIPAL BOND FUND, INC.
                         COLUMBIA HIGH YIELD FUND, INC.
                                (EACH THE "FUND")


              Supplement to Current Class A, B, C and D Prospectus


The disclosure under the heading "How To Exchange Shares" is revised in its
entirety as follows:

You may exchange your shares of the same share class (and in some cases certain
other classes) of another fund distributed by Columbia Funds Distributor, Inc.
at net asset value. In the case of Class D shares, you may exchange your Class D
shares for Class D shares of another fund in which you own Class D shares.
Otherwise, you may exchange your Class D shares only for Class C shares. If your
shares are subject to a CDSC, you will not be charged a CDSC upon the exchange.
However, when you sell the shares acquired through the exchange, the shares sold
may be subject to a CDSC, depending upon when you originally purchased the
shares you are exchanging. For purposes of computing the CDSC, the length of
time you have owned your shares will be computed from the date of your original
purchase and the applicable CDSC will be the CDSC of the original fund. Unless
your account is part of a tax-deferred retirement plan, an exchange is a taxable
event, and you may realize a gain or a loss for tax purposes. The Fund may
terminate your exchange privilege if the advisor determines that your exchange
activity is likely to adversely impact its ability to manage the Fund. See "Fund
Policy on Trading of Fund Shares" for the Fund's policy. To exchange by
telephone, call 1-800-422-3737. Please have your account and taxpayer
identification number available when calling.


The disclosure under the heading "Fund Policy on Trading of Fund Shares" is
revised in its entirety as follows:

PURCHASES AND EXCHANGES SHOULD BE MADE FOR INVESTMENT PURPOSES ONLY.
Frequent purchases, redemptions or exchanges of Fund shares may disrupt
portfolio management and increase Fund expenses. The Fund has adopted certain
policies and methods intended to identify and to discourage frequent trading in
the Fund. However, as discussed below, the Fund cannot ensure that all such
activity can be identified or terminated.

RIGHT TO REJECT OR RESTRICT ORDERS AND CLOSE ACCOUNTS. The Fund reserves the
right to restrict, reject or cancel, without any prior notice, any purchase or
exchange order, including transactions accepted by any shareholder's financial
intermediary, when the Fund believes it is in its shareholders best interest. In
the event that the Fund rejects or cancels an exchange request, neither the
redemption nor the purchase side of the exchange will be processed. The Fund may
also fully redeem the shares and close the account of any shareholder whom it
believes is engaged or intends to engage in frequent trading.

LIMITATIONS ON THE ABILITY TO IDENTIFY OR TO TERMINATE FREQUENT TRADING. There
is no guarantee that the Fund or its agents will be able to detect frequent
trading activity or the shareholders engaged in such activity, or, if it is
detected, to prevent its recurrence. In particular, a substantial portion of
purchase, redemption and exchange orders are received from omnibus accounts.
Omnibus accounts, in which shares are held in the name of an intermediary on
behalf of multiple beneficial owners, are a common form of holding shares among
financial intermediaries, retirement plans and variable insurance products. The
fund typically is not able to identify trading by a particular beneficial owner,
which may make it difficult or impossible to determine if a particular account
is engaged in frequent trading. There are also operational and technological
limitations on the Fund's agents' ability to identify or terminate frequent
trading activity, and the techniques used by the Fund and its agents are not
anticipated to identify all frequent trading.

COL-36/475R-0304                                                  March 16, 2004