Columbia Funds Series Trust I
Columbia Small Cap Value Fund I
Columbia High Yield Municipal Fund (Funds)
77B Accountant's Report on Internal Control

[PricewaterhouseCoopers logo]
PricewaterhouseCoopers LLP
125 High Street
Boston, Massachusetts 02110

               Report of Independent Registered Public Accounting Firm


To the Board of Trustees of Columbia Funds Series Trust I and Shareholders of
Columbia High Yield Municipal Fund and Columbia Small Cap Value Fund I

In planning and performing our audits of the financial statements of Columbia
High Yield Municipal Fund and Columbia Small Cap Value Fund I (the "Funds") as
of and for the year ended June 30, 2006, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), we considered the
Funds' internal control over financial reporting, including control activities
for safeguarding securities, as a basis for designing our auditing procedures
for the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, but not for the purpose of
expressing an opinion on the effectiveness of the Funds' internal control over
financial reporting. Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. A fund's internal control over
financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles. Such internal control over financial reporting includes
policies and procedures that provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or disposition of a fund's
assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.

A control deficiency exists when the design or operation of a control does not
allow management or employees, in the normal course of performing their assigned
functions, to prevent or detect misstatements on a timely basis. A significant
deficiency is a control deficiency, or combination of control deficiencies, that
adversely affects the funds' ability to initiate, authorize, record, process or
report external financial data reliably in accordance with generally accepted
accounting principles such that there is more than a remote likelihood that a
misstatement of the funds' annual or interim financial statements that is more
than inconsequential will not be prevented or detected. A material weakness is a
control deficiency, or combination of control deficiencies, that results in more
than a remote likelihood that a material misstatement of the annual or interim
financial statements will not be prevented or detected.

Our consideration of the Funds' internal control over financial reporting was
for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control over financial
reporting that might be significant deficiencies or material weaknesses under
standards established by the Public Company Accounting Oversight Board (United
States). However, we noted no deficiencies in the Funds' internal control over
financial reporting and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
June 30, 2006.

This report is intended solely for the information and use of management and the
Board of Trustees of the Funds and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than these specified
parties.



/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
August 25, 2006


77E Legal Proceedings
On February 9, 2005, Columbia Management Advisors, LLC (which has since merged
into Banc of America Capital Management, LLC (now named Columbia Management
Advisors, LLC)) ("Columbia") and Columbia Funds Distributor, Inc. (which has
been renamed Columbia Management Distributors, Inc.) (the "Distributor")
(collectively, the "Columbia Group") entered into an Assurance of Discontinuance
with the New York Attorney General ("NYAG") (the "NYAG Settlement") and
consented to the entry of a cease-and-desist order by the Securities and
Exchange Commission ("SEC") (the "SEC Order"). The SEC Order and the NYAG
Settlement are referred to collectively as the "Settlements". The Settlements
contain substantially the same terms and conditions as outlined in the
agreements in principle which Columbia Group entered into with the SEC and NYAG
in March, 2004.

Under the terms of the SEC Order, the Columbia Group agreed among other things,
to: pay $70 million in disgorgement and $70 million in civil money penalties;
cease and desist from violations of the antifraud provisions and certain other
provisions of the federal securities laws; maintain certain compliance and
ethics oversight structures; retain an independent consultant to review the
Columbia Group's applicable supervisory, compliance, control and other policies
and procedures; and retain an independent distribution consultant (see below).
The Columbia Funds have also voluntarily undertaken to implement certain
governance measures designed to maintain the independence of their boards of
trustees. The NYAG Settlement also, among other things, requires Columbia and
its affiliates to reduce management fees for certain Columbia Funds (including
the former Nations Funds) and other mutual funds collectively by $32 million per
year for five years, for a projected total of $160 million in management fee
reductions.

Pursuant to the procedures set forth in the SEC order, the $140 million in
settlement amounts described above will be distributed in accordance with a
distribution plan developed by an independent distribution consultant and
approved by the SEC. The independent distribution consultant has been in
consultation with the staff of the SEC and has submitted a proposed plan of
distribution. The SEC has not yet approved a final plan of distribution.

As a result of these matters or any adverse publicity or other developments
resulting from them, there may be increased redemptions or reduced sales of fund
shares, which could increase transaction costs or operating expenses, or have
other adverse consequences for the funds.

A copy of the SEC Order is available on the SEC website at http://www.sec.gov. A
copy of the NYAG Settlement is available as part of the Bank of America
Corporation Form 8-K filing on February 10, 2005.

In connection with the events described in detail above, various parties have
filed suit against certain funds, the Trustees of the Columbia Funds,
FleetBoston Financial Corporation and its affiliated entities and/or Bank of
America and its affiliated entities.

On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred
these cases and cases against several other mutual fund companies based on
similar allegations to the United States District Court in Maryland for
consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently,
additional related cases were transferred to the MDL. On September 29, 2004, the
plaintiffs in the MDL filed amended and consolidated complaints. One of these
amended complaints is a putative class action that includes claims under the
federal securities laws and state common law, and that names Columbia, the
Distributor, the Trustees of the Columbia Funds, Bank of America Corporation and
others as defendants. Another of the amended complaints is a derivative action
purportedly on behalf of the Columbia Funds that asserts claims under federal
securities laws and state common law.

On February 25, 2005, Columbia and other defendants filed motions to dismiss the
claims in the pending cases. On March 1, 2006, for reasons stated in the court's
memoranda dated November 3, 2005, the U.S. District Court for the District of
Maryland granted in part and denied in part the defendants' motions to dismiss.
The court dismissed all of the class action claims pending against the Columbia
Funds Trusts and the Columbia Acorn Trust. As to Columbia, and the Distributor,
the claims under the Securities Act of 1933, the claims under Sections 34(b) and
36(a) of the Investment Company Act of 1940 ("ICA") and the state law claims
were dismissed. The claims under Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and claims under Section 36(b) of the ICA along with
related claims under Section 48(a) of the ICA were not dismissed.

On March 21, 2005, a purported class action was filed in Massachusetts state
court alleging that the conduct, including market timing, entitles Class B
shareholders in certain Columbia funds to an exemption from contingent deferred
sales charges upon early redemption ("the CDSC Lawsuit"). The CDSC Lawsuit has
been removed to federal court in Massachusetts and the federal Judicial Panel
has transferred the CDSC Lawsuit to the MDL.

On April 4, 2006, the plaintiffs and the Columbia defendants named in the MDL,
including the Columbia Funds, entered into a term sheet containing the principal
terms of a stipulation of settlement that would settle all Columbia-related
claims in the MDL described above, including the CDSC Lawsuit. On April 6, 2006,
the U.S. District Court for the District of Maryland stayed all actions with
respect to these Columbia-related claims.

The MDL is ongoing. Accordingly, an estimate of the financial impact of this
litigation on any fund, if any, cannot currently be made.

In 2004, certain Columbia funds, the Trustees of the Columbia Funds, advisers
and affiliated entities were named as defendants in certain purported
shareholder class and derivative actions making claims, including claims under
the Investment Company and the Investment Advisers Acts of 1940 and state law.
The suits allege, inter alia, that the fees and expenses paid by the funds are
excessive and that the advisers and their affiliates inappropriately used fund
assets to distribute the funds and for other improper purpose. On March 2, 2005,
the actions were consolidated in the Massachusetts federal court as In re
Columbia Entities Litigation. The plaintiffs filed a consolidated amended
complaint on June 9, 2005. On November 30, 2005, the judge dismissed all claims
by plaintiffs and ordered that the case be closed. The plaintiffs filed a notice
of appeal on December 30, 2005 and this appeal is pending.


77M Merger

Columbia Small Cap Value Fund I

On March 24, 2006, the Board of Trustees approved the reorganization of the Fund
as a newly-formed series of Columbia Funds Series Trust I. The primary purpose
of the Trust Reorganization is to facilitate compliance monitoring and
administration for the Columbia Funds.

77O Transactions effected pursuant to Rule 10f-3

Columbia Small Cap Value Fund I

On January 25, 2006, (Fund) Columbia Small Cap Value Fund I
purchased 8,730 par value of equities of Chipotle Mexican Grill(Securities)for a
total purchase price of $192,060 from Morgan Stanley pursuant to a public
offering in which Banc of America Securities 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 Fund's advisor, Columbia Management Advisors, LLC (Advisor) o believed
that the gross underwriting spread associated with the purchase of the
Securities was reasonable and fair compared to the spreads in connection with
similar underwritings of similar securities being sold during a comparable
period of time;

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 issuer of the Securities has been in continuous operation for at
        least three years;

o       The amount of Securities purchased did not exceed 25% of the amount
        of the offering;

o       The Securities were to be purchased at not more than the public offering
        price no later than the first day of the offering.

Along with Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities: Morgan Stanley; SG
Cowen & Co.; Banc of America Securities LLC; Citigroup; JP Morgan; A.G.
Edwards; Merrill Lynch & Co.; RBC Capital Markets; Suntrust Robinson Humphrey;
Wachovia Securities

On January 30, 2006, Columbia Small Cap Value Fund I (Fund) purchased 50,528 par
value of equities of H & E Equipment Services (Securities) for a total purchase
price of $909,504 from Credit Suisse First Boston pursuant to a public offering
in which Banc of America Securities 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 Fund's advisor, Columbia Management Advisors, LLC (Advisor) o believed
that the gross underwriting spread associated with the purchase of the
Securities was reasonable and fair compared to the spreads in connection with
similar underwritings of similar securities being sold during a comparable
period of time;

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 issuer of the Securities has been in continuous operation for at
        least three years;

o       The amount of Securities purchased did not exceed 25% of the amount
        of the offering;

o       The Securities were to be purchased at not more than the public offering
        price no later than the first day of the offering.

Along with Banc of America Securities, the following is a list of members of the
underwriting  syndicate for the  aforementioned  Securities:  Credit  Suisse;
UBS Investment  Bank;  Banc of America  Securities  LLC; Deutsche Bank
Securities; JP Morgan

On March 14, 2006 Columbia Small Cap Value Fund I (Fund) purchased 20,780 par
value of notes of Transdigm Group (Securities) for a total purchase price of
$436,380 from Credit Suisse First Boston pursuant to a public offering in which
Banc of America Securities 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 Fund's advisor, Columbia Management Advisors, LLC (Advisor) o believed
that the gross underwriting spread associated with the purchase of the
Securities was reasonable and fair compared to the spreads in connection with
similar underwritings of similar securities being sold during a comparable
period of time;

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 issuer of the Securities has been in continuous operation for at
        least three years;

o       The amount of Securities purchased did not exceed 25% of the amount
        of the offering;

o       The Securities were to be purchased at not more than the public offering
        price no later than the first day of the offering.

Along with Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities: Credit Suisse; Lehman
Brothers

Columbia Small Cap Value Fund I

On June 28, 2006, Columbia Small Cap Value Fund I (Fund) purchased 15,194 par
value of bonds of J Crew (Securities) for a Total purchase price of $303,880
from Goldman Sachs pursuant to a public offering in which Banc of America
Securities 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 Fund's advisor, Columbia Management Advisors, LLC (Advisor) o believed
that the gross underwriting spread associated with the purchase of the
Securities was reasonable and fair compared to the spreads in connection with
similar underwritings of similar securities being sold during a comparable
period of time;

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 issuer of the Securities has been in continuous operation for at
        least three years;

o       The amount of Securities purchased did not exceed 25% of the amount
        of the offering;

o       The Securities were to be purchased at not more than the public offering
        price no later than the first day of the offering.


Along with Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities: Goldman, Sachs & Co.,
Bear, Stearns & Co. Inc.; Banc of America Securities LLC; JP Morgan; Citigroup;
Lehman Brothers; Credit Suisse; Wachovia Securities

Columbia High Yield Municipal Fund

On June 8, 2006 Columbia High Yield Municipal Fund
 (Fund) purchased 1,500,000 par value of bonds of MO HSG Single Family 5.00%
9/01/37 (Securities) for a total purchase price of $1,500,000 from AG Edwards
pursuant to a public offering in which Banc of America Securities 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 Fund's advisor, Columbia Management Advisors, LLC (Advisor) o believed
that the gross underwriting spread associated with the purchase of the
Securities was reasonable and fair compared to the spreads in connection with
similar underwritings of similar securities being sold during a comparable
period of time;

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 issuer of the Securities has been in continuous operation for at
        least three years;

o       The amount of Securities purchased did not exceed 25% of the amount
        of the offering;

o       The Securities were to be purchased at not more than the public offering
        price no later than the first day of the offering.

Along with Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities: AG Edwards; George K.
Baum & Company; Banc of America Securities LLC; Edward D. Jones & Co., L.P.;
Stifel, Nicolaus & Company, Incorporated; Citigroup Inc.; Siebert Brandford
Shank & Co., LLC; UMB Bank, N.A.

Columbia High Yield Municipal Fund

On June 8, 2006 Columbia High Yield Municipal Fund
 (Fund) purchased 500,000 par value of bonds of MO HSG Single Family 5.00%
9/01/38 (Securities) for a total purchase price of $500,000 from GK Baum
pursuant to a public offering in which Banc of America Securities 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 Fund's advisor, Columbia Management Advisors, LLC (Advisor) o believed
that the gross underwriting spread associated with the purchase of the
Securities was reasonable and fair compared to the spreads in connection with
similar underwritings of similar securities being sold during a comparable
period of time;

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 issuer of the Securities has been in continuous operation for at
        least three years;

o       The amount of Securities purchased did not exceed 25% of the amount
        of the offering;

o       The Securities were to be purchased at not more than the public offering
        price no later than the first day of the offering.

Along with Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities: AG Edwards; George K.
Baum & Company; Banc of America Securities LLC; Edward D. Jones & Co., L.P.;
Stifel, Nicolaus & Company, Incorporated; Citigroup Inc.; Siebert Brandford
Shank & Co., LLC; UMB Bank, N.A.

Columbia High Yield Municipal Fund

On June 8, 2006 Columbia High Yield Municipal Fund (Fund) purchased 250,000 par
value of bonds of MO HSG Single Family 5.00% 9/01/39(Securities) for a total
purchase price of $250,000 from Citi Group pursuant to a public offering in
which Banc of America Securities 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 Fund's advisor, Columbia Management Advisors, LLC (Advisor) o believed
that the gross underwriting spread associated with the purchase of the
Securities was reasonable and fair compared to the spreads in connection with
similar underwritings of similar securities being sold during a comparable
period of time;

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 issuer of the Securities has been in continuous operation for at
        least three years;

o       The amount of Securities purchased did not exceed 25% of the amount
        of the offering;

o       The Securities were to be purchased at not more than the public offering
        price no later than the first day of the offering.

Along with Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities: AG Edwards; George K.
Baum & Company; Banc of America Securities LLC; Edward D. Jones & Co., L.P.;
Stifel, Nicolaus & Company, Incorporated; Citigroup Inc.; Siebert Brandford
Shank & Co., LLC; UMB Bank, N.A.

Columbia High Yield Municipal Fund

On June 8, 2006 Columbia High Yield Municipal Fund (Fund) purchased 250,000 par
value of bonds of MO HSG Single Family 5.00% 9/01/40 (Securities) for a total
purchase price of $250,000 from Stifel Nicholas pursuant to a public offering in
which Banc of America Securities 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 Fund's advisor, Columbia Management Advisors, LLC (Advisor) o believed
that the gross underwriting spread associated with the purchase of the
Securities was reasonable and fair compared to the spreads in connection with
similar underwritings of similar securities being sold during a comparable
period of time;

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 issuer of the Securities has been in continuous operation for at
        least three years;

o       The amount of Securities purchased did not exceed 25% of the amount
        of the offering;

o       The Securities were to be purchased at not more than the public offering
        price no later than the first day of the offering.

Along with Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities: AG Edwards; George K.
Baum & Company; Banc of America Securities LLC; Edward D. Jones & Co., L.P.;
Stifel, Nicolaus & Company, Incorporated; Citigroup Inc.; Siebert Brandford
Shank & Co., LLC; UMB Bank, N.A.

Columbia High Yield Municipal Fund

On June 29, 2006 Columbia High Yield Municipal Fund (Fund) purchased 1,145,000
par value of bonds of CT HSG Finance Authority 5.00% 9/01/40 (Securities) for a
total purchase price of $1,145,000 from Merrill Lynch pursuant to a public
offering in which Banc of America Securities 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 Fund's advisor, Columbia Management Advisors, LLC (Advisor) o believed
that the gross underwriting spread associated with the purchase of the
Securities was reasonable and fair compared to the spreads in connection with
similar underwritings of similar securities being sold during a comparable
period of time;

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 issuer of the Securities has been in continuous operation for at
        least three years;

o       The amount of Securities purchased did not exceed 25% of the amount
        of the offering;

o       The Securities were to be purchased at not more than the public offering
        price no later than the first day of the offering.

Along with Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities: Merrill Lynch & Co.;
Banc of America Securities LLC; Goldman, Sachs & Co.; RBC Capital Markets; UBS
Investment Bank; M.R. Beal & Company; Loop Capital Markets, LLC; Raymond James &
Associates, Inc.; Bear Stearns & Co. Inc.; JP Morgan; Roosevelt & Cross, Inc.;
Citigroup; A.G. Edwards; Morgan Stanley; Wachovia Bank, National Association

Columbia High Yield Municipal Fund

On June 29, 2006 Columbia High Yield Municipal Fund (Fund) purchased 1,145,000
par value of bonds of Government Development Bank for PR 5.00% 12/1/15
(Securities) for a total purchase price of $1,145,000 from Merrill Lynch
pursuant to a public offering in which Banc of America Securities 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 Fund's advisor, Columbia Management Advisors, LLC (Advisor) o believed
that the gross underwriting spread associated with the purchase of the
Securities was reasonable and fair compared to the spreads in connection with
similar underwritings of similar securities being sold during a comparable
period of time;

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 issuer of the Securities has been in continuous operation for at
        least three years;

o       The amount of Securities purchased did not exceed 25% of the amount
        of the offering;

o       The Securities were to be purchased at not more than the public offering
        price no later than the first day of the offering.

Along with Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities: Goldman Sachs & Co.;
Banc of America Securities LLC; JP Morgan; Morgan Stanley; Raymond James &
Associates, Inc.; Lehman Brothers; Citigroup; Merrill Lynch & Co.; Popular
Securities; Samuel A. Ramirez & Co.; Wachovia Bank, National Association

Columbia High Yield Municipal Fund

On May 18, 2006 Columbia High Yield Municipal Fund (Fund) purchased 250,000 par
value of bonds of Government Development Bank for PR 5.00% 12/1/15 (Securities)
for a total purchase price of $256,858,000 from Citigroup pursuant to a public
offering in which Banc of America Securities 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 Fund's advisor, Columbia Management Advisors, LLC (Advisor) o believed
that the gross underwriting spread associated with the purchase of the
Securities was reasonable and fair compared to the spreads in connection with
similar underwritings of similar securities being sold during a comparable
period of time;

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 issuer of the Securities has been in continuous operation for at
        least three years;

o       The amount of Securities purchased did not exceed 25% of the amount
        of the offering;

o       The Securities were to be purchased at not more than the public offering
        price no later than the first day of the offering.

Along with Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities: Goldman Sachs & Co.;
Banc of America Securities LLC; JP Morgan; Morgan Stanley; Raymond James &
Associates, Inc.; Lehman Brothers; Citigroup; Merrill Lynch & Co.; Popular
Securities; Samuel A. Ramirez & Co.; Wachovia Bank, National Association

Columbia High Yield Municipal Fund

On May 18, 2006 Columbia High Yield Municipal Fund (Fund) purchased 500,000 par
value of bonds of Government Development Bank for PR 5.00% 12/1/15(Securities)
for a total purchase price of $513,715 from Merrill Lynch pursuant to a public
offering in which Banc of America Securities 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 Fund's advisor, Columbia Management Advisors, LLC (Advisor) o believed
that the gross underwriting spread associated with the purchase of the
Securities was reasonable and fair compared to the spreads in connection with
similar underwritings of similar securities being sold during a comparable
period of time;

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 issuer of the Securities has been in continuous operation for at
        least three years;

o       The amount of Securities purchased did not exceed 25% of the amount
        of the offering;

o       The Securities were to be purchased at not more than the public offering
        price no later than the first day of the offering.

Along with Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities: Goldman Sachs & Co.;
Banc of America Securities LLC; JP Morgan; Morgan Stanley; Raymond James &
Associates, Inc.; Lehman Brothers; Citigroup; Merrill Lynch & Co.; Popular
Securities; Samuel A. Ramirez & Co.; Wachovia Bank, National Association

Columbia High Yield Municipal Fund

On May 18, 2006 Columbia High Yield Municipal Fund (Fund) purchased 500,000 par
value of bonds of Government Development Bank for PR 5.00% 12/1/15(Securities)
for a total purchase price of $513,715 from Lehman Brothers pursuant to a public
offering in which Banc of America Securities 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 Fund's advisor, Columbia Management Advisors, LLC (Advisor) o believed
that the gross underwriting spread associated with the purchase of the
Securities was reasonable and fair compared to the spreads in connection with
similar underwritings of similar securities being sold during a comparable
period of time;

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 issuer of the Securities has been in continuous operation for at
        least three years;

o       The amount of Securities purchased did not exceed 25% of the amount
        of the offering;

o       The Securities were to be purchased at not more than the public offering
        price no later than the first day of the offering.

Along with Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities: Goldman Sachs & Co.;
Banc of America Securities LLC; JP Morgan; Morgan Stanley; Raymond James &
Associates, Inc.; Lehman Brothers; Citigroup; Merrill Lynch & Co.; Popular
Securities; Samuel A. Ramirez & Co.; Wachovia Bank, National Association