Columbia Acorn Board of Trustees Raises Columbia Acorn Select Investment Minimum to $50,000

CHICAGO, July 28 /PRNewswire/ -- Columbia Management Group, LLC (Columbia Management), the asset management arm of Bank of America, today announced that the Columbia Acorn Board of Trustees has raised the minimum investment for any new accounts in Columbia Acorn Select to $50,000 from the current $1,000 minimum. This minimum goes into effect on August 5, 2005, and is intended to reduce the Fund's future net cash inflows while preserving the integrity of the investment process.

Existing Columbia Acorn Select shareholders are permitted to make additional investments of any amount in existing accounts and may maintain their current accounts under the minimum. Existing shareholders cannot open new accounts with a minimum deposit under the new $50,000 minimum.

The decision to increase the new account minimum arose from discussions among Columbia Wanger Asset Management, LP, the Fund's investment advisor, the Fund's portfolio manager, Ben Andrews, the Columbia Acorn Board, and Columbia Management, the primary investment management arm of Bank of America. Columbia Wanger Asset Management, LP is a wholly owned subsidiary of Bank of America, N.A.

Columbia Acorn Select has doubled its assets over the past 19 months and inflows continue to be strong. The Acorn Board of Trustees agreed that raising the minimum investment was in the best interest of shareholders and would continue to allow Columbia Wanger Asset Management to align investment decisions with its growth-at-a-reasonable-price strategy.

"Columbia Acorn Select is limited to investing in between 20-40 stocks. Due to market valuations, the Fund's investment team has fewer new and compelling ideas that fit the Fund's 'reasonably priced' criteria and few current holdings warrant higher weightings," said Ben Andrews, portfolio manager of Columbia Acorn Select. "Reducing the Fund's cash inflows will enable the Fund to remain invested in what we consider to be our best ideas, including lesser-known mid-cap stocks that don't always have the trading volume to become larger positions."

Columbia Acorn Select is a non-diversified fund. The performance of each of its holdings will have a greater impact on the Fund's total return, and may make the Fund's returns more volatile than a more diversified fund. Mid-cap stocks tend to be more volatile and may be less liquid than the stocks of larger companies.

Columbia Management, based in Boston, MA, of which Columbia Wanger is a wholly owned subsidiary, is part of the Global Wealth & Investment Management division at Bank of America. With $320.4 billion in assets under management*, Columbia Management offers products in every major asset class and investment style to both individual and institutional investors. Columbia Management is focused on delivering strong investment performance and superior client service.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,600 ATMs and award-winning online banking with more than 13 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock is listed on the New York Stock Exchange. http://www.bankofamerica.com/

Columbia Acorn Funds are offered by prospectus only. Prospectuses contain more complete information about the objectives, risks, fees, and other expenses and should be read carefully before you invest. Prospectuses can be obtained directly from Columbia Funds Distributor, One Financial Center, Boston, MA, 02111-2621, or visit http://www.columbiafunds.com/. 800-426-3570.

This is not an offer to sell or a solicitation of an offer to buy any security, nor shall such security be offered or sold to any person, in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.

Please consider the objectives, risks, charges and expenses of any Columbia fund carefully before investing. Contact your financial advisor for a prospectus, which contains this and other important information about the fund. You should read it carefully before investing.

Member NASD, SIPC Columbia Funds Distributor, Inc.

Columbia Funds are distributed by Columbia Funds Distributor, Inc. until on or about August 22, 2005, when BACAP Distributors, LLC and Columbia Funds Distributor Inc., members NASD, SIPC, will merge to form Columbia Management Distributors, Inc., which will be a part of Columbia Management and an affiliate of Bank of America Corporation. Columbia Management entities furnish investment management services and advise institutional and mutual fund portfolios.

Columbia Wanger Asset Management, LP is a SEC-registered investment advisor, wholly owned subsidiary of Bank of America, N.A., and part of Columbia Management.

NOT FDIC INSURED May Lose Value No Bank Guarantee

* As of March 31, 2005; Columbia Management's managed assets consist of assets under the discretionary management of multiple registered investment advisors, including Banc of America Capital Management, LLC and Columbia Management Advisors, Inc.