Exhibit 77.E

Sub-Item 77.E  Legal Proceedings


Recently, Columbia Management Advisors, Inc. ("CMA") has been named as a
defendant in several derivative actions under Sections 34(b), 36(b) and 48(a) of
the Investment Company Act of 1940, as amended, alleging, among other things,
that the fees and expenses paid by the Registrant are excessive. Cohen v.
FleetBoston Financial Corporation was filed in the U.S. District Court for the
District of Massachusetts on August 2, 2004; Osburn v. FleetBoston Financial
Corporation was filed in the U.S. District Court for the District of
Massachusetts on August 10, 2004; Slicker v. FleetBoston Financial Corporation
was filed in the U.S. District Court for the District of Massachusetts on August
11, 2004; and Simmonds v. FleetBoston Financial Corporation was filed in the
U.S. District Court for the District of Massachusetts on September 8, 2004. CMA
and the other defendants to these actions, including various affiliates, mutual
funds advised by CMA and its affiliates, and directors of such funds, have
denied these allegations and are contesting the plaintiffs' claims. The
above-named actions were consolidated on March 2, 2005 (In re Columbia Entities
Litigation, Civil Action No. 04-11704-REK).

On January 11, 2005, a putative class action lawsuit (Lefler, et. al. v. Hacker,
et. al.,) was filed in the U.S. Disrict Court for the District of Massachusetts
against, among others, the Trustees of the Fund and Columbia. The lawsuit
alleges that defendants violated common law duties to fund shareholders as well
as sections of the Investment Company Act of 1940, by failing to ensure that the
Fund and other affiliated funds participated in securities class action
settlements for which the funds were eligible. Specifically, plaintiffs allege
that defendants failed to submit proof of claims in connection with settlements
of securities class action lawsuits filed against companies in which the funds
held positions.

Various civil individual, class and derivative actions have been filed in regard
to certain market timing allegations. As of February 28, 2005, the following
complaints have been received:

(1)      George Slaybe et al, Plaintiffs, v. Columbia Management Advisors, Inc.,
et al. United States District Court

         District of Massachusetts
         Case # 04 10534 PBS

(2)      David Armetta derivatively on behalf of the Columbia Common Stock Fund,
Plaintiff v. FleetBoston Financial Corporation, et al.

         United States District Court
         District of Massachusetts
         Case # 04 10555 MLW

(3)      Edward I. Segel and Iris Segel derivatively on behalf of Columbia Acorn
Fund,  Columbia Acorn Trust and the Columbia Funds,  Plaintiffs,  v. FleetBoston
Financial Corporation, et al.








         United States District Court
         District of Massachusetts
         Case # 04-10567MEL

(4)      Catherine  Dukes,  Individually  and On Behalf of All Others  Similarly
Situated v. Columbia Funds, FleetBoston Financial Corporation, et al.

         United States District Court
         District of Massachusetts
         Case # 04-10315-PBS

(5)      AB Medical  Equipment  Corp.,  Individually and On Behalf of All Others
Similarly Situated, Plaintiff, v. FleetBoston Financial Corporation, et al.

         United States District Court
         District of Massachusetts
         Case # 04-10355PBS

(6)      Karen M. McKenna,  Individually  and on Behalf of All Others  Similarly
Situated,  Plaintiff,  v.  Columbia  Funds,  Columbia  Acorn Trust,  FleetBoston
Financial Corporation, et al.

         United States District Court
         Southern District of New York
         Case # 04 CV 1576


(7)      Lawrence S. Wick,  as custodian for Ryan S. Wick,  Andrew T. Wick,  and
Hayley  L.  Wick,  and  Ryan S.  Wick,  Andrew  T.  Wick,  and  Hayley  L.  Wick
individually  and  on  behalf  of  others  similarly  situated,  Plaintiffs,  v.
FleetBoston Financial Corporation, et al.

         United States District Court
         District of Massachusetts
         Case # 04-10408HEL


(8)      Steven  B.  Ehrlich,  Custodian  for Cory  Ryan  Ehrlich  UTMA/Florida,
Individually  and On Behalf of All  Others  Similarly  Situated  v.  FleetBoston
Financial Corporation, et al.

         United States District Court
         District of Massachusetts
         Case # 04 10405 PBS


(9)      Harold  Beardsley,  et al on behalf of Columbia  Disciplined Value Fund
(the "Columbia Funds") v. FleetBoston Financial Corporation, et al

         United States District Court
         District of Massachusetts
         Case # 04 10978 PBS