77D Policies with respect to security investments

Columbia Money Market Fund (Fund)
Pursuant to the Board of Trustees' approval, the Fund intends to use interest
rate swaps and forward contracts on those swaps for hedging purposes, to the
extent consistent with their investment objectives and policies.

77Q Exhibits


                              MANAGEMENT AGREEMENT
                                     BETWEEN
                           COLUMBIA FUNDS TRUST II AND
                       COLUMBIA MANAGEMENT ADVISORS, INC.

COLUMBIA FUNDS TRUST II, a Massachusetts business trust registered under the
Investment Company Act of 1940 ("1940 Act") as an open-end diversified
management investment company ("Trust"), hereby appoints COLUMBIA MANAGEMENT
ADVISORS, INC., an Oregon corporation registered under the Investment Advisers
Act of 1940 as an investment adviser ("Manager"), to furnish investment advisory
and portfolio management services with respect to the portion of its assets
represented by the shares of beneficial interest issued in each series listed in
Schedule A hereto, as such schedule may be amended from time to time (each such
series hereinafter referred to as "Fund"). Trust and Manager hereby agree that:

1. Investment Management Services. Manager shall manage the investment
operations of Trust and each Fund, subject to the terms of this Agreement and to
the supervision and control of Trust's Board of Trustees ("Trustees"). Manager
agrees to perform, or arrange for the performance of, the following services
with respect to each Fund:

(a) to obtain and evaluate such information relating to economies, industries,
businesses, securities and commodities markets, and individual securities,
commodities and indices as it may deem necessary or useful in discharging its
responsibilities hereunder;

(b) to formulate and maintain a continuing investment program in a manner
consistent with and subject to (i) Trust's agreement and declaration of trust
and by-laws; (ii) the Fund's investment objectives, policies, and restrictions
as set forth in written documents furnished by the Trust to Manager; (iii) all
securities, commodities, and tax laws and regulations applicable to the Fund and
Trust; and (iv) any other written limits or directions furnished by the Trustees
to Manager;

(c) unless otherwise directed by the Trustees, to determine from time to time
securities, commodities, interests or other investments to be purchased, sold,
retained or lent by the Fund, and to implement those decisions, including the
selection of entities with or through which such purchases, sales or loans are
to be effected;

(d) to use reasonable efforts to manage the Fund so that it will qualify as a
regulated investment company under subchapter M of the Internal Revenue Code of
1986, as amended;

(e) to make recommendations as to the manner in which voting rights, rights to
consent to Trust or Fund action, and any other rights pertaining to Trust or the
Fund shall be exercised;

(f) to make available to Trust promptly upon request all of the Fund's records
and ledgers and any reports or information reasonably requested by the Trust;
and

(g) to the extent required by law, to furnish to regulatory authorities any
information or reports relating to the services provided pursuant to this
Agreement.

Except as otherwise instructed from time to time by the Trustees, with respect
to execution of transactions for Trust on behalf of a Fund, Manager shall place,
or arrange for the placement of, all orders for purchases, sales, or loans with
issuers, brokers, dealers or other counter parties or agents selected by
Manager. In connection with the selection of all such parties for the placement
of all such orders, Manager shall attempt to obtain most favorable execution and
price, but may nevertheless in its sole discretion as a secondary factor,
purchase and sell portfolio securities from and to brokers and dealers who
provide Manager with statistical, research and other information, analysis,
advice, and similar services. In recognition of such services or brokerage
services provided by a broker or dealer, Manager is hereby authorized to pay
such broker or dealer a commission or spread in excess of that which might be
charged by another broker or dealer for the same transaction if the Manager
determines in good faith that the commission or spread is reasonable in relation
to the value of the services so provided.






Trust hereby authorizes any entity or person associated with Manager that is a
member of a national securities exchange to effect any transaction on the
exchange for the account of a Fund to the extent permitted by and in accordance
with Section 11(a) of the Securities Exchange Act of 1934 and Rule 11a2-2(T)
thereunder. Trust hereby consents to the retention by such entity or person of
compensation for such transactions in accordance with Rule 11a-2-2(T)(a)(iv).

Manager may, where it deems to be advisable, aggregate orders for its other
customers together with any securities of the same type to be sold or purchased
for Trust or one or more Funds in order to obtain best execution or lower
brokerage commissions. In such event, Manager shall allocate the shares so
purchased or sold, as well as the expenses incurred in the transaction, in a
manner it considers to be equitable and fair and consistent with its fiduciary
obligations to Trust, the Funds, and Manager's other customers.

Manager shall for all purposes be deemed to be an independent contractor and not
an agent of Trust and shall, unless otherwise expressly provided or authorized,
have no authority to act for or represent Trust in any way.

2. Administrative Services. Manager shall supervise the business and affairs of
Trust and each Fund and shall provide such services and facilities as may be
required for effective administration of Trust and Funds as are not provided by
employees or other agents engaged by Trust; provided that Manager shall not have
any obligation to provide under this Agreement any such services which are the
subject of a separate agreement or arrangement between Trust and Manager, any
affiliate of Manager, or any third party administrator ("Administrative
Agreements").

3. Use of Affiliated Companies and Subcontractors. In connection with the
services to be provided by Manager under this Agreement, Manager may, to the
extent it deems appropriate, and subject to compliance with the requirements of
applicable laws and regulations and upon receipt of written approval of the
Trustees, make use of (i) its affiliated companies and their directors,
trustees, officers, and employees and (ii) subcontractors selected by Manager,
provided that Manager shall supervise and remain fully responsible for the
services of all such third parties in accordance with and to the extent provided
by this Agreement. All costs and expenses associated with services provided by
any such third parties shall be borne by Manager or such parties.

4. Expenses Borne by Trust. Except to the extent expressly assumed by Manager
herein or under a separate agreement between Trust and Manager and except to the
extent required by law to be paid by Manager, Manager shall not be obligated to
pay any costs or expenses incidental to the organization, operations or business
of the Trust. Without limitation, such costs and expenses shall include but not
be limited to:

(a) all charges of depositories, custodians and other agencies for the
safekeeping and servicing of its cash, securities, and other property;

(b) all charges for equipment or services used for obtaining price quotations or
for communication between Manager or Trust and the custodian, transfer agent or
any other agent selected by Trust;

(c) all charges for administrative and accounting services provided to Trust by
Manager, or any other provider of such services;

(d) all charges for services of Trust's independent auditors and for services to
Trust by legal counsel;

(e) all compensation of Trustees, other than those affiliated with Manager, all
expenses incurred in connection with their services to Trust, and all expenses
of meetings of the Trustees or committees thereof;

(f) all expenses incidental to holding meetings of holders of units of interest
in the Trust ("Unitholders"), including printing and of supplying each
record-date Unitholder with notice and proxy solicitation material, and all
other proxy solicitation expense;

(g) all expenses of printing of annual or more frequent revisions of Trust
prospectus(es) and of supplying each then-existing Unitholder with a copy of a
revised prospectus;

(h) all expenses related to preparing and transmitting certificates representing
Trust shares;

(i) all expenses of bond and insurance coverage required by law or deemed
advisable by the Board of Trustees;

(j) all brokers' commissions and other normal charges incident to the purchase,
sale, or lending of portfolio securities;

(k) all taxes and governmental fees payable to Federal, state or other
governmental agencies, domestic or foreign, including all stamp or other
transfer taxes;

(l) all expenses of registering and maintaining the registration of Trust under
the 1940 Act and, to the extent no exemption is available, expenses of
registering Trust's shares under the 1933 Act, of qualifying and maintaining
qualification of Trust and of Trust's shares for sale under securities laws of
various states or other jurisdictions and of registration and qualification of
Trust under all other laws applicable to Trust or its business activities;

(m) all interest on indebtedness, if any, incurred by Trust or a Fund; and

(n) all fees, dues and other expenses incurred by Trust in connection with
membership of Trust in any trade association or other investment company
organization.

5. Allocation of Expenses Borne by Trust. Any expenses borne by Trust that are
attributable solely to the organization, operation or business of a Fund shall
be paid solely out of Fund assets. Any expense borne by Trust which is not
solely attributable to a Fund, nor solely to any other series of shares of
Trust, shall be apportioned in such manner as Manager determines is fair and
appropriate, or as otherwise specified by the Board of Trustees.

6. Expenses Borne by Manager. Manager at its own expense shall furnish all
executive and other personnel, office space, and office facilities required to
render the investment management and administrative services set forth in this
Agreement. Manager shall pay all expenses of establishing, maintaining, and
servicing the accounts of Unitholders in each Fund listed in Exhibit A. However,
Manager shall not be required to pay or provide any credit for services provided
by Trust's custodian or other agents without additional cost to Trust.

In the event that Manager pays or assumes any expenses of Trust or a Fund not
required to be paid or assumed by Manager under this Agreement, Manager shall
not be obligated hereby to pay or assume the same or similar expense in the
future; provided that nothing contained herein shall be deemed to relieve
Manager of any obligation to Trust or a Fund under any separate agreement or
arrangement between the parties.

7. Management Fee. For the services rendered, facilities provided, and charges
assumed and paid by Manager hereunder, Trust shall pay to Manager out of the
assets of each Fund fees at the annual rate for such Fund as set forth in
Schedule B to this Agreement. For each Fund, the management fee shall accrue on
each calendar day, and shall be payable monthly on the first business day of the
next succeeding calendar month. The daily fee accrual shall be computed by
multiplying the fraction of one divided by the number of days in the calendar
year by the applicable annual rate of fee, and multiplying this product by the
net assets of the Fund, determined in the manner established by the Board of
Trustees, as of the close of business on the last preceding business day on
which the Fund's net asset value was determined.

8. Retention of Sub-Adviser. Subject to obtaining the initial and periodic
approvals required under Section 15 of the 1940 Act, Manager may retain one or
more sub-advisers at Manager's own cost and expense for the purpose of
furnishing one or more of the services described in Section 1 hereof with
respect to Trust or one or more Funds. Retention of a sub-adviser shall in no
way reduce the responsibilities or obligations of Manager under this Agreement,
and Manager shall be responsible to Trust and its Funds for all acts or
omissions of any sub-adviser in connection with the performance of Manager's
duties hereunder.

9. Non-Exclusivity. The services of Manager to Trust hereunder are not to be
deemed exclusive and Manager shall be free to render similar services to others.

10. Standard of Care. Neither Manager, nor any of its directors, officers,
stockholders, agents or employees shall be liable to Trust or its Unitholders
for any error of judgment, mistake of law, loss arising out of any investment,
or any other act or omission in the performance by Manager of its duties under
this Agreement, except for loss or liability resulting from willful misfeasance,
bad faith or gross negligence on Manager's part or from reckless disregard by
Manager of its obligations and duties under this Agreement.

11. Amendment. This Agreement may not be amended as to Trust or any Fund without
the affirmative votes (a) of a majority of the Board of Trustees, including a
majority of those Trustees who are not "interested persons" of Trust or of
Manager, voting in person at a meeting called for the purpose of voting on such
approval, and (b) of a "majority of the outstanding shares" of Trust or, with
respect to an amendment affecting an individual Fund, a "majority of the
outstanding shares" of that Fund. The terms "interested persons" and "vote of a
majority of the outstanding shares" shall be construed in accordance with their
respective definitions in the 1940 Act and, with respect to the latter term, in
accordance with Rule 18f-2 under the 1940 Act.

12. Effective Date and Termination. This Agreement shall become effective as to
any Fund as of the effective date for that Fund specified in Schedule A hereto.
This Agreement may be terminated at any time, without payment of any penalty, as
to any Fund by the Board of Trustees of Trust, or by a vote of a majority of the
outstanding shares of that Fund, upon at least sixty (60) days' written notice
to Manager. This Agreement may be terminated by Manager at any time upon at
least sixty (60) days' written notice to Trust. This Agreement shall terminate
automatically in the event of its "assignment" (as defined in the 1940 Act).
Unless terminated as hereinbefore provided, this Agreement shall continue in
effect with respect to any Fund until the end of the initial term applicable to
that Fund specified in Schedule A and thereafter from year to year only so long
as such continuance is specifically approved with respect to that Fund at least
annually (a) by a majority of those Trustees who are not interested persons of
Trust or of Manager, voting in person at a meeting called for the purpose of
voting on such approval, and (b) by either the Board of Trustees of Trust or by
a "vote of a majority of the outstanding shares" of the Fund.

13. Ownership of Records; Interparty Reporting. All records required to be
maintained and preserved by Trust pursuant to the provisions of rules or
regulations of the Securities and Exchange Commission under Section 31(a) of the
1940 Act or other applicable laws or regulations which are maintained and
preserved by Manager on behalf of Trust and any other records the parties
mutually agree shall be maintained by Manager on behalf of Trust are the
property of Trust and shall be surrendered by Manager promptly on request by
Trust; provided that Manager may at its own expense make and retain copies of
any such records.

Trust shall furnish or otherwise make available to Manager such copies of the
financial statements, proxy statements, reports, and other information relating
to the business and affairs of each Unitholder in a Fund as Manager may, at any
time or from time to time, reasonably require in order to discharge its
obligations under this Agreement.

Manager shall prepare and furnish to Trust as to each Fund statistical data and
other information in such form and at such intervals as Trust may reasonably
request.

14. Non-Liability of Trustees and Unitholders. Any obligation of Trust hereunder
shall be binding only upon the assets of Trust (or the applicable Fund thereof)
and shall not be binding upon any Trustee, officer, employee, agent or
Unitholder of Trust. Neither the authorization of any action by the Trustees or
Unitholders of Trust nor the execution of this Agreement on behalf of Trust
shall impose any liability upon any Trustee or any Unitholder.

15. Use of Manager's Name. The Trust or Funds listed on Schedule A may use any
name derived from the name "Stein Roe & Farnham" only for so long as this
Agreement or any extension, renewal, or amendment hereof remains in effect,
including any similar agreement with any organization which shall have succeeded
to the business of Manager as investment adviser. At such time as this Agreement
or any extension, renewal or amendment hereof, or such other similar agreement
shall no longer be in effect, Trust will cease to use any name derived from the
name "Stein Roe & Farnham" or otherwise connected with Manager, or with any
organization which shall have succeeded to Manager's business as investment
adviser.

16. References and Headings. In this Agreement and in any such amendment,
references to this Agreement and all expressions such as "herein," "hereof," and
"hereunder" shall be deemed to refer to this Agreement as amended or affected by
any such amendments. Headings are placed herein for convenience of reference
only and shall not be taken as a part hereof or control or affect the meaning,
construction or effect of this Agreement. This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original.







Dated: November 1, 2003                             COLUMBIA FUNDS TRUST II



Attest: __________________________                  By: /s/ Joseph R. Palombo
Name:                                                    Joseph R. Palombo
Title:                                                   President





                                             COLUMBIA MANAGEMENT ADVISORS, INC.



Attest: __________________________             By: /s/ Joseph R. Palombo
Name:                                               Joseph R. Palombo
Title:                                              Executive Vice President
                                                    and Chief Operating Officer







                             COLUMBIA FUNDS TRUST II
                              MANAGEMENT AGREEMENT
                                   SCHEDULE A

The Funds of the Trust currently subject to this Agreement are as follows:


                                       Effective        End of
                                         Date          Initial Term

Columbia Money Market Fund             11/1/03           10/31/04



Dated: November 1, 2003



                                            COLUMBIA FUNDS TRUST II

Attest:                                        By: /s/ Joseph R. Palombo
        ------------------------------------
Name:                                                  Joseph R. Palombo
Title:                                                 President


                                           COLUMBIA MANAGEMENT ADVISORS, INC.


Attest:                                          By: /s/ Joseph R. Palombo
        ------------------------------------
Name:                                                Joseph R. Palombo
Title:                                               Executive Vice President
                                                     and Chief Operating Officer









                             COLUMBIA FUNDS TRUST II
                              MANAGEMENT AGREEMENT
                                   SCHEDULE B

Compensation pursuant to Section 7 of this Agreement shall be calculated in
accordance with the following schedules applicable to average daily net assets
of the Funds:

Schedule (Columbia Money Market Fund) 0.250% up to $500 million 0.225% on the
next $500 million 0.200% thereafter






Dated: November 1, 2003

                                                    COLUMBIA FUNDS TRUST II



Attest:                                          By: /s/ Joseph R. Palombo
        ------------------------------------
Name:                                                Joseph R. Palombo
Title:                                               President


                                             COLUMBIA MANAGEMENT ADVISORS, INC.



Attest:                                         By: /s/ Joseph R. Palombo
        ------------------------------------
Name:                                               Joseph R. Palombo
Title:                                              Executive Vice President
                                                    and Chief Operating Officer