COLUMBIA COMMON STOCK FUND, INC.
                           COLUMBIA GROWTH FUND, INC.
                       COLUMBIA MID CAP GROWTH FUND, INC.
                      COLUMBIA SMALL 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 EACH FUND'S CURRENT CLASS Z PROSPECTUS DATED JANUARY 1, 2004


1.       The following language will replace in its entirety disclosure under
         the heading "FUND POLICY ON TRADING OF FUND SHARES":

The interests of the Fund's long-term shareholders may be adversely affected by
certain short-term trading activity by Fund shareholders. Such short-term
trading activity, when excessive, has the potential to interfere with efficient
portfolio management, generate transaction and other costs, dilute the value of
Fund shares held by long-term shareholders and have other adverse effects on the
Fund. This type of excessive short-term trading activity is referred to herein
as "market timing". The Columbia Funds are not intended as vehicles for market
timing.

The Fund, directly and through its agents, takes various steps designed to deter
and curtail market timing. For example, if the Fund detects that any shareholder
has conducted two "round trips" (as defined below) in the Fund that are deemed
material by the Fund in any 28-day period, the Fund will generally reject the
shareholder's future purchase orders, including exchange purchase orders,
involving any Columbia Fund (other than a money market fund). In addition, if
the Fund determines that any person, group or account has engaged in any type of
market timing activity (independent of the two-round-trip limit), the Fund may,
in its discretion, reject future purchase orders by the person, group or
account, including exchange purchase orders, involving the same or any other
Columbia Fund, and also retains the right to modify these market timing policies
at any time without prior notice.

The rights of shareholders to redeem shares of the Fund are not affected by any
of the limits mentioned above. However, certain Funds impose a redemption fee on
the proceeds of Fund shares that are redeemed or exchanged within 60 days of
their purchase.











For these purposes, a "round trip" is a purchase by any means into a Columbia
Fund followed by a redemption, of any amount, by any means out of the same
Columbia Fund. Under this definition, an exchange into the Fund followed by an
exchange out of the Fund is treated as a single round trip. Also for these
purposes, where known, accounts under common ownership or control generally will
be counted together. Accounts maintained or managed by a common intermediary,
such as an adviser, selling agent or trust department, generally will not be
considered to be under common ownership or control.

Purchases, redemptions and exchanges made through the Columbia Funds' Automatic
Investment Plan, Systematic Withdrawal Plan or similar automated plans generally
are not subject to the two-round-trip limit. The two-round-trip limit may be
modified for, or may not be applied to, accounts held by certain retirement
plans to conform to plan limits, considerations relating to the Employee
Retirement Income Security Act of 1974 or regulations of the Department of
Labor, and for certain asset allocation or wrap programs.

The practices and policies described above are intended to deter and curtail
market timing in the Fund. However, there can be no assurance that these
policies, individually or collectively, will be totally effective in this regard
because of various factors. In particular, a substantial portion of purchase,
redemption and exchange orders are received through 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 and retirement plans. The Fund typically is not able to identify
trading by a particular beneficial owner through an omnibus account, which may
make it difficult or impossible to determine if a particular account is engaged
in market timing. Certain financial intermediaries have different policies
regarding monitoring and restricting market timing in the underlying beneficial
owner accounts that they maintain through an omnibus account that may be more or
less restrictive than the Fund practices discussed above.

The Fund seeks to act in a manner that it believes is consistent with the best
interests of Fund shareholders in making any judgments regarding market timing.
Neither the Fund nor its agents shall be held liable for any loss resulting from
rejected purchase orders or exchanges.




                                                              November 4, 2004