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COLUMBIA FUNDS
Supplement to the Columbia Funds Prospectus dated February 23, 1996
Fund Management - Columbia Special Fund. Effective January 1, 1997,
investment decisions for the Special Fund will be made by the Advisor's
Investment Team and Alan J. Folkman, the Advisor's Chief Investment Officer.
Mr. Folkman joined the Investment Team in 1975 and is a Senior Vice President
and Director of the Advisor. Mr. Folkman was the portfolio manager of the
Special Fund from its inception in 1985 until June 1994. This information
replaces similar information on portfolio managers on page 32 of the
Prospectus.
January 2, 1997
