77E  Legal Proceedings

Various civil individual, class and derivative actions have been filed in regard
to these market timing allegations.  As of August, 2004, we have received the
following complaints, all of which ICI Mutual has received notice:

(1)      George Slaybe et al, Plaintiffs, v. Columbia Management Advisors, Inc.,
         Defendant
         United States District Court
         District of Massachusetts
         Case # 04 10534 PBS
         Complaint Allegation:  Market Timing

(2)      David Armetta derivatively on behalf of the Columbia Common Stock Fund,
         Plaintiff, v. FleetBoston Financial Corporation, Columbia Management
         Group, Inc., Columbia Management Advisors, Inc., Columbia Funds
         Distributor, Inc., Douglas A. Hacker, Janet Langford Kelly, Richard W.
         Lowry, Charles R. Nelson, John J. Neuhauser, Patrick J. Simpson,
         Thomas E. Stitzel, Thomas C. Theobald, Anne-Lee Verville, Richard L.
         Woolworth, William E. Mayer, Joseph R. Palombo and John Does 1-100,
         Defendants, and Columbia Commo Stock Fund, nominal defendant

         United States District Court
         District of Massachusetts
         Case # 04 10555 MLW
         Complaint Allegation: Market Timing

(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, Fleet National Bank, Columbia
         Management Group, Inc., Columbia Funds Services, Inc., Columbia Wanger
         Asset Management, Columbia Management Advisors, Inc., Columbia Funds
         Distributor, Inc., John Does 1-4, Margaret Eisen, Leo Guthart, Jerome
         Kahn, Jr., Steven N. Kaplan, David C. Kleinman, Allan B. Muchin,
         John A. Wing, Charles P. McQuaid, Ralph Wanger, Ilytat, L.P., Ritchie
         Capital Management, Inc., Edward J. Stern, Canary Capital Partners LLC,
         Canary Capital Partners, LTD., Canary Investment Management, LLC,
         Daniel Calugar, Sal Giacalone, D.R. Loeser, Signalert Corporation,
         Alan Waldbaum, and Tandem Financial Services, Defendants, and Columbia
         Acorn Fund, Columbia Acorn Trust, and the Columbia Funds

         United States District Court
         District of Massachusetts
         Case # 04-10567MEL
         Complaint Allegation: Market Timing

(4)      Catherine Dukes, Individually and On Behalf of All Others Similarly
         Situated v. Columbia Funds, FleetBoston Financial Corporation, Columbia
         Management Group, Inc., Columbia Management Advisors, Inc., Columbia
         Wanger Asset Management, L.P., Columbia Funds Distributor, Inc., and
         John Does 1-100

         United States District Court
         District of Massachusetts
         Case # 04-10315-PBS
         Complaint Allegation: Market Timing

(5)      AB Medical Equipment Corp., Individually and On Behalf of All Others
         Similarly Situated, Plaintiff, v. FleetBoston Financial Corporation,
         Columbia Management Group, Inc., Columbia Management Advisors, Inc.,
         Columbia Wanger Asset Management L.P., Columbia Funds Distributor, Inc.
         and Columbia Funds

         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, Columbia Management Group, Inc.,
         Columbia Management Advisors, Inc., Columbia Wanger Asset Management,
         L.P., Columbia Funds Distributor, Inc. and John Does 1-100, Defendants

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

Complaint Allegation:  Market Timing

(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, Columbia Management Group, Inc.,
         Columbia Management Advisors, Inc., Columbia Wanger Asset Management,
         L.P., Columbia Funds Distributor, Inc., Columbia Funds

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

Complaint Allegation:  Market Timing

(8)      Steven B. Ehrlich, Custodian for Cory Ryan Ehrlich UTMA/Florida,
         Individually and On Behalf of All Others Similarly Situated v. Columbia
         Funds, FleetBoston Financial Corporation, Columbia Management Group,
         Inc., Columbia Management Advisors, Inc., Columbia Wanger Asset
         Management, L.P., Columbia Funds Distributor, Inc., and John Does 1-100

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

Complaint Allegation:  Market Timing

(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