Columbia High Yield Municipal Fund

On November 18, 2005 Columbia High Yield Municipal Fund (Fund)
purchased 1,500,000 par value of notes of Iowa Tobacco (Securities)
for a Total purchase price of 1,454,655 from Citigroup Global Markets 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), 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: Citigroup; UBS
Financial Services Inc.; Merrill Lynch & Co.; Bear, Stearns & Co. Inc; Banc of
America Securities LLC; Morgan Keegan



Columbia High Yield Municipal Fund

On November 18, 2005 Columbia High Yield Municipal Fund (Fund)
purchased 900,000 par value of notes of Iowa Tobacco (Securities)
for a Total purchase price of 872,793 from Jeffries & Co. 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), 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: Citigroup; UBS
Financial Services Inc.; Merrill Lynch & Co.; Bear, Stearns & Co. Inc; Banc of
America Securities LLC; Morgan Keegan

Columbia High Yield Municipal Fund

On November 18, 2005 Columbia High Yield Municipal Fund (Fund)
purchased 600,000 par value of notes of Iowa Tobacco (Securities)
for a Total purchase price of 581,862 from Morgan Keegan & Co. 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), 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: Citigroup; UBS
Financial Services Inc.; Merrill Lynch & Co.; Bear, Stearns & Co. Inc; Banc of
America Securities LLC; Morgan Keegan