I.	In re: Mutual Funds Investment Litigation, No. 04-MDL-1586;
U.S. Dist. Ct. Md. Commencing in late 2003, several class action and
 derivative lawsuits were filed in federal district courts alleging
that mutual fund complexes had engaged in consensual market timing
arrangements, frequent trading and late trading.  Several of these
lawsuits were filed against Columbia Acorn Trust ("CAT") and CAT
trustees.  All of the lawsuits were consolidated for pre-trial
proceedings in one multidistrict ("MDL") proceeding pending in
the United States District Court for the District of Maryland.

      On September 29, 2004, plaintiffs in the class action track
filed a consolidated amended class action complaint in the Multi-
District Litigation styled Dukes, et al. v. Columbia Acorn Funds,
et al., Case No. 04-cv-01763, which names as defendants CAT, and
Ralph Wanger and Charles McQuaid as interested Trustees of CAT.
The independent CAT Trustees are not named as defendants (although
certain independent trustees of the Columbia Funds trusts are named).
Also on September 29, 2004, plaintiffs in the derivative actions
brought on behalf of the mutual funds filed a consolidated amended
derivative action complaint styled Slaybe, et al. v. Columbia
Management Advisers, Inc., et al., Case No. 04-cv-1768, which names
CAT and Columbia Acorn Fund as "nominal defendants" and the ten CAT
Trustees as defendants.  Judge J. Frederick Motz is assigned to the
Columbia track.

      Defendants filed motions to dismiss the consolidated amended
class action and derivative action complaints.  Oral argument was heard
on the motions on June 16 and 17, 2005 before the MDL panel in Baltimore.

      On November 3, 2005, Judge Motz issued an Order granting the
motion to dismiss all of the claims alleged against the Independent
Trustees in the consolidated amended derivative complaint.  The only
surviving claim in the derivative action is the Section 36(b) claim alleged
against the investment adviser and distributor defendants. On that same
date, Judge Motz issued an Order granting the motion to dismiss all of
the claims against the Independent Trustees in the consolidated
amended class action complaint other than the Section 36(b) claim on
which he deferred his ruling.  However, none of the CAT Trustees are
named as a defendant in the Section 36(b) class claim.

	On April 4, 2006, all of the parties to the MDL proceeding
executed a letter settlement agreement intended to fully resolve all of
the lawsuits consolidated in the MDL proceeding as well as the Vogeler
case (discussed in Section II below).  The settlement has not yet been
finalized or approved by the court. II.	Vogeler v. Columbia Acorn Trust,
et al., No. 03 L 1550, Circuit Court, Third Judicial Circuit, Madison
County, Ill.

      On November 13, 2003, the above-captioned lawsuit was filed
against CAT and Columbia Wanger Asset Management, L.P. ("CWAM"), in the
Circuit Court of the Third Judicial Circuit, Madison County, Illinois
("Madison County"), seeking certification of a plaintiff class consisting
of all persons in the United States who held shares in Columbia Acorn
International ("Acorn International") for a period of more than 14 days
during the five years prior to and through the filing of the lawsuit.

      The Vogeler complaint is pleaded in two counts and alleges, in
summary, that CWAM and CAT exposed long-term shareholders of Acorn
International to trading by market timers by allegedly:  (a) failing to
properly evaluate daily whether a significant event affecting the value
of Acorn International's portfolio securities had occurred after
foreign markets had closed but before the calculation of Acorn
International's net asset value ("NAV"); (b) failing to implement
Acorn International's portfolio valuation and share pricing policies
and procedures; (c) allowing portfolio valuation and share pricing
policies and procedures that benefited market timers at the expense
of long-term shareholders; and (d) failing to know and implement
applicable rules and regulations concerning the calculation of NAV.
Count I of the Complaint alleges that the defendants breached duties
of care owed to Acorn International shareholders, and Count II
alleges that the asserted breaches were willful and wanton.  Both
counts of the Complaint seek unspecified compensatory and punitive
damages, prejudgment interest, costs and attorneys' fees.

      On December 12, 2003, the defendants removed the Vogeler case
to the United States District Court for the Southern District of
Illinois, Case No. 03-cv-843.  On February 12, 2004, the federal
district court remanded the case back to the Illinois state court
in Madison County.  The defendants filed a timely appeal of the
remand order.

      On April 5, 2005 the United States Court of Appeals for the
Seventh Circuit (the "Seventh Circuit") issued an Opinion in
several "fair value pricing" cases, including Vogeler.  The Seventh
Circuit reversed the federal district courts' remand of those cases
to state court, holding that the plaintiffs' state law claims were
preempted by federal law under the Securities Litigation Uniform
Standards Act of 1998 ("SLUSA").  The Seventh Circuit remanded the
cases, including Vogeler, to the district courts with instructions
to "undo" the remand orders and dismiss the plaintiffs' complaints
with prejudice.  Plaintiffs subsequently filed a motion with the
district court to amend the Vogeler complaint to "plead around" the
Seventh Circuit's federal preemption ruling.  However, consistent
with the mandate, the federal district court denied plaintiffs'
motion to amend and dismissed the Vogeler complaint with prejudice.

      Plaintiffs then filed a writ of certiorari with the United
States Supreme Court seeking to appeal the Seventh Circuit's
decision.  The writ challenged whether the district court's remand of
the case to state court was reviewable by the Seventh Circuit on
appeal (the "jurisdictional issue") and whether plaintiffs' claims
were federally preempted under SLUSA because they alleged misconduct
"in connection with the purchase or sale of securities" (the
"substantive issue").  On January 6, 2006, the Supreme Court ruled
that it would accept the appeal of the jurisdictional issue and
"hold" its ruling on the substantive issue because the latter issue was
already before the Supreme Court in a similar case on appeal.

      The United States Supreme Court subsequently issued Opinions
which were favorable to the mutual fund defendants on the substantive
issue, holding that plaintiffs' claims were federally preempted, but
reversed the Seventh Circuit on the jurisdictional issue.  The fair
value pricing cases, including Vogeler, were accordingly returned to
the Seventh Circuit with instructions to vacate the Seventh Circuit's
rulings and remand the cases to state court for disposition consistent
with the Supreme Court's ruling on the substantive issue.

      As noted above, on April 4, 2006, all of the parties to the
MDL proceeding executed a letter settlement agreement intended to
fully resolve all of the lawsuits consolidated in the MDL proceeding
as well as the Vogeler case.  The settlement has not yet been
finalized or approved by the court.

III.	Delaventura v. Columbia Acorn Trust, et al., Superior Court,
Commonwealth of Mass., Case No. 05-1093

      On March 21, 2005, a one-count breach of contract class
action complaint was filed against several of the Columbia Registrants,
including CAT, seeking to rescind the Contingent Deferred Sales
Charges assessed upon redemption of Class B shares of Columbia mutual
funds due to the alleged market timing "misconduct" of defendants.
The Trustees are not named as defendants.  In addition to the
rescission of sales charges, plaintiffs seek recovery of actual
damages, attorneys' fees and costs.

      On April 20, 2005, the defendants removed the case to the United
States District Court for the District of Massachusetts.  On July 28,
2005, the federal district court denied plaintiffs' motion to remand
the case to state court, and on August 22, 2005, the case was transferred
and included in the MDL proceedings in the United States District Court
for the District of Maryland.

      This case is also subject to the settlement agreement discussed
above.  IV. Cohen v. FleetBoston Financial Corporation, et al.,
No. 04-cv-11704, U.S. Dist. Ct. Mass.; Osburn v. FleetBoston Financial
Corporation, et al., No. 04-cv-11750, U.S. Dist. Ct. Mass.; Simmonds,
et al. v. FleetBoston Financial Corporation, et al., No. 04-cv-11953,
U.S. Dist. Ct. Mass.; Slicker v. FleetBoston Financial Corporation,
et al., No. 04-cv-11760, U.S. Dist. Ct. Mass. Four lawsuits filed in
the United States District Court for the District of Massachusetts
are hybrid class and derivative actions naming, among others, the
various series of CAT (the "Funds") as "nominal defendants," and the
CAT Trustees as defendants.  Those cases were later consolidated in the
Massachusetts federal district court under the caption In re: Columbia
Entities Litigation, Case No. 04-cv-11704, and a consolidated amended
complaint was filed.  The consolidated amended complaint alleges that
the various investment advisers within Columbia Management Group utilized
Fund assets to pay broker-dealers to recommend and sell the Funds in
preference to other mutual funds, thereby increasing the assets under
management and resultant fees to CWAM and affiliated advisors.

      The class claims assert violations of Sections 34(a), 36(a), 36(b)
and 48(a) of the Investment Company Act of 1940 ("ICA"), and for common
law breach of fiduciary duty and unjust enrichment.  The derivative claim
alleges a violation of Sections 206 and 215 of the Investment Advisers Act
of 1940 ("IAA").  Plaintiffs seek recovery of compensatory and punitive
damages, rescission of CWAM's contract with the Funds and recovery of all
fees paid to CWAM by the Funds, as well as attorneys' fees and costs.

      Defendants filed a motion to dismiss the consolidated amended
compliant.  On November 30, 2005, the federal district court granted the
motion and dismissed all the claims against all defendants.  Plaintiffs
timely filed a notice of appeal to the United States Court of Appeals for
the First Circuit on December 29, 2005.  The parties subsequently executed
a settlement term sheet to fully resolve all claims in the litigation.
The settlement has not yet been finalized or approved by the court.


Exhibit 77O

Transactions Effected Pursuant to Rule 10f-3
On March 7, 2006, Columbia Acorn Fund (Fund) purchased 398,600 shares
of Weight Watchers (Securities) for a total purchase price of $970,000
from Banc of America Securities LLC pursuant to a public offering in
which Credit Suisse Securities (USA) LLC acted as a participating
underwriter.  Banc of America Securities may be considered to be an
affiliate of the Fund. The following information was collected pursuant
to Rule 10f-3 procedures adopted by the Fund's Trustees:
o The issuer of the Securities has been in continuous operation for
at least three years;
o The Securities were to be purchased at not more than the public
offering price no later than the first day of the offering;
o The Securities were offered pursuant to an underwriting or similar
agreement under which the underwriters were committed to purchase all
of the Securities being offered;
o The Fund's adviser, Columbia Wanger Asset Management, L.P. believed
that the gross underwriting spread or profit associated with the
purchase of the Securities was reasonable and fair compared to the
commissions, spreads and profits in connection with similar
underwritings of similar securities being sold during a comparable
period of time;
o The amount of Securities purchased did not exceed 25% of the
amount of the offering.
Along with Banc of America Securities, the following is a list of
members of the underwriting syndicate for the aforementioned Securities:
UBS, Citigroup, Goldman Sachs, JPMorgan, Merrill Lynch and Morgan
Stanley.


On June 27, 2006, Columbia Acorn Fund (Fund) purchased 48,500 shares
of J Crew Group (Securities) for a total purchase price of $20,129,300
from Banc of America Securities LLC pursuant to a public offering in
which Goldman Sachs acted as a participating underwriter.  Banc of America
Securities may be considered to be an affiliate of the Fund.

The following information was collected pursuant to Rule 10f-3 procedures
adopted by the Fund's Trustees:
o The issuer of the Securities has been in continuous operation for at
least three years;
o The Securities were to be purchased at not more than the public
offering price no later than the first day of the offering;
o The Securities were offered pursuant to an underwriting or similar
agreement under which the underwriters were committed to purchase all
of the Securities being offered;
o The Fund's adviser, Columbia Wanger Asset Management, L.P. believed
that the gross underwriting spread or profit associated with the purchase
of the Securities was reasonable and fair compared to the commissions,
spreads and profits in connection with similar underwritings of similar
securities being sold during a comparable period of time;
o The amount of Securities purchased did not exceed 25% of the amount
of the offering.
Along with Banc of America Securities, the following is a list of members
of the underwriting syndicate for the aforementioned Securities: Bear
Stearns, Citigroup, Credit Suisse, JP Morgan, Lehman Brothers and Wachovia.


On June 27, 2006, Columbia Acorn USA Fund (Fund) purchased 6,000 shares
of J Crew Group (Securities) for a total purchase price of $120,000 from
Banc of America Securities LLC pursuant to a public offering in which
Goldman Sachs acted as a participating underwriter.  Banc of America Securities
may be considered to be an affiliate of the Fund.

The following information was collected pursuant to Rule 10f-3 procedures
adopted by the Fund's Trustees:
o The issuer of the Securities has been in continuous operation for at
least three years;
o The Securities were to be purchased at not more than the public offering
price no later than the first day of the offering;
o The Securities were offered pursuant to an underwriting or similar
agreement under which the underwriters were committed to purchase all of
the Securities being offered;
o The Fund's adviser, Columbia Wanger Asset Management, L.P. believed that
the gross underwriting spread or profit associated with the purchase of the
Securities was reasonable and fair compared to the commissions, spreads and
profits in connection with similar underwritings of similar securities being
sold during a comparable period of time;
o The amount of Securities purchased did not exceed 25% of the amount of
the offering.
Along with Banc of America Securities, the following is a list of members
of the underwriting syndicate for the aforementioned Securities: Bear Stearns,
Citigroup, Credit Suisse, JP Morgan, Lehman Brothers and Wachovia.


On June 27, 2006, Columbia Acorn Select Fund (Fund) purchased 3,800 shares
of J Crew Group (Securities) for a total purchase price of $76,000 from Banc
of America Securities LLC pursuant to a public offering in which Goldman Sachs
acted as a participating underwriter.  Banc of America Securities may be
considered to be an affiliate of the Fund.

The following information was collected pursuant to Rule 10f-3 procedures
adopted by the Fund's Trustees:
o The issuer of the Securities has been in continuous operation for at least
three years;
o The Securities were to be purchased at not more than the public offering
price no later than the first day of the offering;
o The Securities were offered pursuant to an underwriting or similar agreement
under which the underwriters were committed to purchase all of the Securities
being offered;
o The Fund's adviser, Columbia Wanger Asset Management, L.P. believed that
the gross underwriting spread or profit associated with the purchase of
the Securities was reasonable and fair compared to the commissions, spreads
and profits in connection with similar underwritings of similar securities
being sold during a comparable period of time;
o The amount of Securities purchased did not exceed 25% of the amount of
the offering.
Along with Banc of America Securities, the following is a list of members
of the underwriting syndicate for the aforementioned Securities: Bear
Stearns, Citigroup, Credit Suisse, JP Morgan, Lehman Brothers and Wachovia.





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Exhibit 77E
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