EXHIBIT 77E

ITEM 77E--LEGAL PROCEEDINGS:

In June 2004, an action captioned John E. Gallus et al. v. American Express
Financial Corp. and American Express Financial Advisors Inc. was filed in the
United States District Court for the District of Arizona. The plaintiffs allege
that they are investors in several American Express Company mutual funds
(branded as Columbia) and they purport to bring the action derivatively on
behalf of those funds under the Investment Company Act of 1940. The plaintiffs
allege that fees allegedly paid to the defendants by the funds for investment
advisory and administrative services are excessive. The plaintiffs seek
remedies including restitution and rescission of investment advisory and
distribution agreements. The plaintiffs voluntarily agreed to transfer this
case to the United States District Court for the District of Minnesota (the
District Court). In response to defendants' motion to dismiss the complaint,
the District Court dismissed one of plaintiffs' four claims and granted
plaintiffs limited discovery. Defendants moved for summary judgment in April
2007. Summary judgment was granted in the defendants' favor on July 9, 2007.
The plaintiffs filed a notice of appeal with the Eighth Circuit Court of
Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth
Circuit reversed summary judgment and remanded to the District Court for
further proceedings. On August 6, 2009, defendants filed a writ of certiorari
with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to
stay the District Court proceedings while the Supreme Court considers and rules
in a case captioned Jones v. Harris Associates, which involves issues of law
similar to those presented in the Gallus case. On March 30, 2010, the Supreme
Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010,
the Supreme Court vacated the Eighth Circuit's decision in the Gallus case and
remanded the case to the Eighth Circuit for further consideration in light of
the Supreme Court's decision in Jones v. Harris Associates. On June 4, 2010,
the Eighth Circuit



remanded the Gallus case to the District Court for further consideration in
light of the Supreme Court's decision in Jones v. Harris Associates. On
December 9, 2010, the District Court reinstated its July 9, 2007 summary
judgment order in favor of the defendants. On January 10, 2011, plaintiffs
filed a notice of appeal with the Eighth Circuit. In response to the
plaintiffs' opening appellate brief filed on March 18, 2011, the defendants
filed a response brief on May 4, 2011 with the Eighth Circuit. The plaintiffs
filed a reply brief on May 26, 2011 and oral arguments took place on
November 17, 2011.

In December 2005, without admitting or denying the allegations, American
Express Financial Corporation (AEFC, which is now known as Ameriprise
Financial, Inc. (Ameriprise Financial)), entered into settlement agreements
with the Securities and Exchange Commission (SEC) and Minnesota Department of
Commerce (MDOC) related to market timing activities. As a result, AEFC was
censured and ordered to cease and desist from committing or causing any
violations of certain provisions of the Investment Advisers Act of 1940, the
Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay
disgorgement of $10 million and civil money penalties of $7 million. AEFC also
agreed to retain an independent distribution consultant to assist in developing
a plan for distribution of all disgorgement and civil penalties ordered by the
SEC in accordance with various undertakings detailed at
www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its
affiliates have cooperated with the SEC and the MDOC in these legal
proceedings, and have made regular reports to the funds' Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been
involved in a number of legal, arbitration and regulatory proceedings,
including routine litigation, class actions, and governmental actions,
concerning matters arising in connection with the conduct of their business
activities. Ameriprise Financial believes that the Funds are not currently the
subject of, and that neither Ameriprise Financial nor any of its affiliates are
the subject of, any pending legal, arbitration or regulatory proceedings that
are likely to have a material adverse effect on the Funds or the ability of
Ameriprise Financial or its affiliates to perform under their contracts with
the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as
necessary, 8-K filings with the Securities and Exchange Commission on legal and
regulatory matters that relate to Ameriprise Financial and its affiliates.
Copies of these filings may be obtained by accessing the SEC website at
www.sec.gov.

There can be no assurance that these matters, or the adverse publicity
associated with them, will not result in increased fund redemptions, reduced
sale of fund shares or other adverse consequences to the Funds. Further,
although we believe proceedings are not likely to have a material adverse
effect on the Funds or the ability of Ameriprise Financial or its affiliates to
perform under their contracts with the Funds, these proceedings are subject to
uncertainties and, as such, we are unable to estimate the possible loss or
range of loss that may result. An adverse outcome in one or more of these
proceedings could result in adverse judgments, settlements, fines, penalties or
other relief that could have a material adverse effect on the consolidated
financial condition or results of operations of Ameriprise Financial.