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Columbia Funds Institutional Trust – ‘NSAR-A’ for 1/31/06 – ‘EX-99’

On:  Monday, 4/3/06, at 10:17am ET   ·   Effective:  4/3/06   ·   For:  1/31/06   ·   Accession #:  21832-6-55   ·   File #:  811-05857

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/03/06  CMG Fund Trust                    NSAR-A      1/31/06    2:155K                                   Columbia Funds Trust I
          → CMG Core Bond Fund ⇒ COFIX
          → CMG Enhanced S&P 500 Index Fund ⇒ CESPX
          → CMG High Yield Fund ⇒ COHYX
          → CMG International Stock Fund ⇒ COISX
          → CMG Large Cap Growth Fund ⇒ CLCGX
          → CMG Large Cap Value Fund ⇒ CLCPX
          → CMG Mid Cap Growth Fund ⇒ CMCGX
          → CMG Mid Cap Value Fund ⇒ CMCVX
          → CMG Short Term Bond Fund ⇒ COTBX
          → CMG Small Cap Growth Fund
          → CMG Small Cap Growth Fund (formerly CMG Small Cap Fund) ⇒ COSCX
          → CMG Small Cap Value Fund ⇒ CSCPX
          → CMG Small/Mid Cap Fund ⇒ COSMX
          → CMG Strategic Equity Fund ⇒ COSTX
          → CMG Ultra Short Term Bond Fund ⇒ CMGUX

Semi-Annual Report by an Investment Company   —   Form N-SAR   —   ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-A      Semi-Annual Report by an Investment Company           82    336K 
 2: EX-99       Miscellaneous Exhibit                                 36±   117K

‘EX-99’   —   Miscellaneous Exhibit


77C Matters submitted to a vote of security holders                             
CMG Fund Trust                                                                  
On September 16, 2005, a Special Meeting of the Shareholders of the Funds was   
held to approve the following items, as described in the Proxy Statement for the
Meeting. The votes cast at the Meeting were as follows:                         

To elect Trustees:            For            Withheld       Abstain             
Douglas A. Hacker       106,508,649.650    2,383,601.848    0.000               
Janet Langford Kelly    106,509,123.650    2,383,127.848    0.000               
Richard W. Lowry        106,509,102.650    2,383,148.848    0.000               
Charles R. Nelson       106,509,123.650    2,383,127.848    0.000               
John J. Neuhauser       106,509,123.650    2,383,127.848    0.000               
Patrick J. Simpson      106,509,123.650    2,383,127.848    0.000               
Thomas E. Sitzel        106,509,102.650    2,383,148.848    0.000               
Thomas C. Theobald      105,377,906.650    3,514,344.848    0.000               
Anne-Lee Verville       106,509,123.650    2,383,127.848    0.000               
Richard L. Woolworth    106,509,102.650    2,383,148.848    0.000               
William E. Mayer         18,627,620.994    90,264,630.504   0.000               
                 Shares of beneficial interest being a plurality of the shares
represented at the Meeting.                 
CMG Core Bond Fund                                                              

2a: Amendment to fund investment restrictions with respect to borrowing money,  
pledging assets and issuing senior securities                                   

For:              7,152,437.000   Shares of beneficial interest being a majority
                             of the shares represented at the meeting.
Against:               0.000      Shares of beneficial interest                 
Abstain:               0.000      Shares of beneficial interest                 

2b: Amendment to fundamental investment restrictions with respect to making     
loans                                                                           
For:              7,152,437.000  Shares of beneficial interest being a majority 
            of the shares represented at
the meeting.    
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2d: Amendment to fundamental investment restrictions with respect to investments
in commodities.                                                                 
For:              7,152,437.000  shares of beneficial interest being a majority 
              of the shares represented at
the meeting.  
Against:          0.000    shares of beneficial interest                        
Abstain:          0.000    shares of beneficial interest                        

2e: Amendment to fundamental investment restrictions with respect to investments
in real estate.                                                                 

For:              7,152,437.000     Shares of beneficial interest being a       
                             majority of the shares represented at
    the meeting.
Against:           0.000            Shares of beneficial interest               
Abstain:           0.000            Shares of beneficial interest               

2f: Amendment to fundamental investment restrictions with respect to            
underwriting of securities.                                                     

For:              7,152,437.000  Shares of beneficial interest being a majority 
                           of the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2g: Amendment of fundamental investment restrictions with respect to purchasing 
securities on margin                                                            

For:              7,152,437.000  Shares of beneficial interest being a majority 
                           of the shares represented at the meeting.
Against:           0.000         Shares of beneficial interest                  
Abstain:           0.000         Shares of beneficial interest                  

2h: Elimination of fundamental investment restrictions with respect to          
investing for the purpose of exercising control                                 

For:              7,152,437.000  Shares of beneficial interest being a majority 
                           of the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2i: Elimination of fundamental investment restrictions with respect to short    
sales.                                                                          

For:              7,152,437.000  Shares of beneficial interest being a majority 
                           of the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2j: Amendment to fundamental investment restrictions with respect to            
concentrating investments in an industry                                        

For:              7,152,437.000  Shares of beneficial interest being a majority 
                           of the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2k: Elimination of fundamental investment restrictions to purchasing securities 
of companies less than three years old.                                         

For:            7,152,437.000   Shares of beneficial interest being a majority  
                         of the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

CMG Enhanced S & P 500 Index Fund                                               

2a: Amendment to fund investment restrictions with respect to borrowing money,  
pledging assets, and issuing senior securities.                                 

For:              6,681,939.000   Shares of beneficial interest being a majority
                of the shares represented at
the meeting.
Against:                   0.000  Shares of beneficial interest                 
Abstain:                   0.000  Shares of beneficial interest                 

2b: Amendment to fundamental investment restrictions with respect to making     
loans                                                                           

For:          6,681,939.000    Shares of beneficial interest being a majority   
                       of the shares represented at the meeting.
Against:              0.000    Shares of beneficial interest                    
Abstain:              0.000    Shares of beneficial interest                    

2d: Amendment to fundamental investment restrictions with respect to            
investments in commodities.                                                     
For:              6,681,939.000  shares of beneficial interest being a majority 
                           of the shares represented at the meeting.
Against:          0.000          shares of beneficial interest                  
Abstain:          0.000          shares of beneficial interest                  

2e: Amendment to fundamental investment restrictions with respect to            
investments in real estate.                                                     

For:           6,681,939.000     Shares of beneficial interest being a majority 
              of the shares represented at
the meeting.  
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2f: Amendment to fundamental investment restrictions with respect to            
underwriting of securities.                                                     

For:              6,681,939.000  Shares of beneficial interest being a majority 
                           of the shares represented at the meeting.
Against:               0.000     Shares of beneficial interest                  
Abstain:               0.000     Shares of beneficial interest                  

2j: Amendment of fundamental investment restrictions with respect to            
concentrating investments in an industry.                                       

For:             6,681,939.000  Shares of beneficial interest being a majority  
                         of the shares represented at the meeting.
Against:                0.000   Shares of beneficial interest                   
Abstain:                0.000   Shares of beneficial interest                   

3: Reorganization of each Fund into a separate, corresponding series of         
Columbia Funds Institutional Trust.                                             

For:           6,681,939.000     Shares of beneficial interest being a majority 
              of the shares represented at
the meeting.  
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

CMG High Yield Fund                                                             

2a: Amendment to fund investment restrictions with respect to borrowing money,  
pledging assets, and issuing senior securities.                                 

For:              16,870,776. 567 Shares of beneficial interest being a majority
                    of the shares represented at the
meeting.    
Against:           2,518,417.848  Shares of beneficial interest                 
Abstain:               2,660.000  Shares of beneficial interest                 

2b: Amendment to fundamental investment restrictions with respect to making     
loans                                                                           

For:        16,870,098.567  Shares of beneficial interest being a               
                            majority of the shares represented at the meeting.
Against:      2,519,148.848  Shares of beneficial interest                      
Abstain:         2,607.000   Shares of beneficial interest                      

2c: Amendment to fundamental investment restrictions with respect to            
diversification of investments.                                                 
For:          16,870,759.567 shares of beneficial interest being a majority of  
                the shares represented at the meeting.
Against:      2,518,487.848   shares of beneficial interest                     
Abstain:          2,607.000 shares of beneficial interest                       

2d: Amendment to fundamental investment restrictions with respect to            
investments in commodities.                                                     

For:          16,870,515.567 Shares of beneficial interest being a majority of  
                the shares represented at the meeting.
Against:      2,518,678.848  Shares of beneficial interest                      
Abstain:          2,660.000  Shares of beneficial interest                      

2e: Amendment to fundamental investment restrictions with respect to            
investments in real estate                                                      

For:           16,870,057.567  Shares of beneficial interest being a majority   
                       of the shares represented at the meeting.
Against:       2,519,184.848   Shares of beneficial interest                    
Abstain:          2,612.000    Shares of beneficial interest                    

2f:  Amendment to fundamental investment restrictions with respect to           
underwriting of securities.                                                     

For:          16,870,098.567 Shares of beneficial interest being a majority of  
                  the shares represented at the meeting.
Against:       2,519,148.848 Shares of beneficial interest                      
Abstain:           2,607.000 Shares of beneficial interest                      

2g: Elimination of fundamental investment restrictions with respect to          
purchasing securities on margin                                                 

For:         16,870,045.567  Shares of beneficial interest being a majority     
                   of the shares represented at the meeting.
Against:  2,519,179.848    Shares of beneficial interest                        
Abstain:         2,629.000 Shares of beneficial interest                        

2h: Elimination of fundamental investment restrictions with respect to          
investing for the purpose of exercising control                                 

For:       16,870,040.567 Shares of beneficial interest being a majority of the 
      shares represented at the meeting.
Against:  2,518,700.848    Shares of beneficial interest                        
Abstain:         3,113.000 Shares of beneficial interest                        

2i: Elimination of fundamental investment restrictions with respect to short    
sales.                                                                          

For:        16,870,498.567 Shares of beneficial interest being a majority of    
            the shares represented at the meeting.
Against:   2,518,748.848   Shares of beneficial interest                        
Abstain:          2,607.000         Shares of beneficial interest               

2j: Amendment to fundamental investment restrictions with respect to            
concentrating investments in an industry                                        

For:         16,870,349.567 Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:     2,518,892.000    Shares of beneficial interest                     
Abstain:         2,612.000 Shares of beneficial interest                        

2k: Elimination of Fundamental investment restrictions to purchasing securities 
of companies less than three years old.                                         

For:           16,870,515.567 Shares of beneficial interest being a majority of 
                  the shares represented at the meeting.
Against:      2,518,731.848    Shares of beneficial interest                    
Abstain:         2,607.000 Shares of beneficial interest                        

2l: Elimination of fundamental investment restrictions with respect to          
investing in securities of other investment companies.                          

For:         16,870,098.567 Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:   2,519,131.848    Shares of beneficial interest                       
Abstain:          2,624.000  Shares of beneficial interest                      

2m: Fund investment restrictions with respect to purchasing or holding          
securities of any company, if securities are owned by officers, director,       
advisor.                                                                        

For:         16,870,120.567 Shares of beneficial interest being a majority      
                 of the shares represented at the meeting.
Against:   2,519,126.848   Shares of beneficial interest                        
Abstain:          2,607.000         Shares of beneficial interest               

2o: Elimination of fundamental investment restrictions with respect to          
purchasing illiquid securities.                                                 

For:           16,870,040.567  Shares of beneficial interest being a majority   
                       of the shares represented at the meeting.
Against:   2,519,184.848    Shares of beneficial interest                       
Abstain:          2,629.000  Shares of beneficial interest                      

3: Reorganization of each Fund into a separate, corresponding series of         
Columbia Funds Institutional Trust.                                             

For:          16, 870,900.567 Shares of beneficial interest being a majority of 
                  the shares represented at the meeting.
Against:         2, 517,902.848  Shares of beneficial interest                  
Abstain:           3,051.000  Shares of beneficial interest                     

CMG International Stock Fund                                                    

2a: Amendment to fund investment restrictions with respect to borrowing money,  
pledging assets, and issuing senior securities.                                 

For:         9,399,787.000  Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:              0.000  Shares of beneficial interest                      
Abstain:              0.000  Shares of beneficial interest                      

2b: Amendment to fundamental investment restrictions with respect to making     
loans                                                                           

For:        9,399,787.000  Shares of beneficial interest being a majority of    
              the shares represented at the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2c: Amendment to fundamental investment restrictions with respect to            
diversification of investments                                                  

For:        9,399,787.000  Shares of beneficial interest being a majority of    
            the shares represented at the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2d: Amendment to fundamental investment restrictions with respect to            
investments in commodities.                                                     
For:           9,399,787.000   shares of beneficial interest being a majority   
                       of the shares represented at the meeting.
Against:          0.000    shares of beneficial interest                        
Abstain:          0.000    shares of beneficial interest                        

2e: Amendment to fundamental investment restrictions with respect to            
investments in real estate.                                                     

For:         9,399,787.000  Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:             0.000 Shares of beneficial interest                        
Abstain:             0.000 Shares of beneficial interest                        

2f: Amendment to fundamental investment restrictions with respect to            
underwriting of securities.                                                     

For:         9,399,787.000     Shares of beneficial interest being a majority   
                       of the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2h: Elimination of fundamental investment restrictions with respect to          
investing for the purpose of exercising control                                 

For:        9,399,787.000     Shares of beneficial interest being a majority of 
                    the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2i: Elimination of fundamental investment restrictions with respect to short    
sales.                                                                          

For:       9,399,787.000  Shares of beneficial interest being a majority of the 
      shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2j: Amendment to fundamental investment restrictions with respect to            
concentrating investments in an industry                                        

For:        9,399,787.000 Shares of beneficial interest being a majority of the 
      shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2k: Elimination of fundamental investment restrictions to purchasing securities 
of cost less than three years old.                                              

For:        9,399,787.000  Shares of beneficial interest being a majority of    
            the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2n: Elimination of fundamental investment restrictions with respect to buying   
and selling puts and calls.                                             

For:        9,399,787.000   Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

3: Reorganization of each Fund into a separate, corresponding series of         
Columbia Funds Institutional Trust.                                             

For:        9,399,787.000   Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

CMG Large Cap Growth Fund                                                       

2a: Amendment to fund investment restrictions with respect to borrowing money,  
pledging assets, and issuing senior securities.                                 

For:         3,420,245.000  Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:             0.000  Shares of beneficial interest                       
Abstain:             0.000  Shares of beneficial interest                       

2b: Amendment to fundamental investment restrictions with respect to making     
loans                                                                           

For:        3,420,245.000  Shares of beneficial interest being a majority of    
            the shares represented at the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2d: Amendment to fundamental investment restrictions with respect to            
investments in commodities.                                                     
For:       3,420,245.000   shares of beneficial interest being a majority of    
            the shares represented at the meeting.
Against:          0.000    shares of beneficial interest                        
Abstain:          0.000    shares of beneficial interest                        

2e: Amendment to fundamental investment restrictions with respect to            
investments in real estate.                                                     

For:     3,420,245.000   Shares of beneficial interest being a majority of the  
    shares represented at the meeting.
Against:             0.000 Shares of beneficial interest                        
Abstain:             0.000 Shares of beneficial interest                        

2f: Amendment to fundamental investment restrictions with respect to            
underwriting of securities.                                                     

For:       3,420,245.000   Shares of beneficial interest being a majority of    
            the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2j: Amendment to fundamental investment restrictions with respect to            
concentrating investments in an industry                                        

For:     3,420,245.000  Shares of beneficial interest being a majority of the   
  shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

3: Reorganization of each Fund into a separate, corresponding series of         
Columbia Funds Institutional Trust.                                             

For:       3,420,245.000  Shares of beneficial interest being a majority of the 
      shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

CMG Large Cap Value Fund                                                        

2a: Amendment to fund investment restrictions with respect to borrowing money,  
pledging assets, and issuing senior securities.                                 

For:          2,997,042.000 Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:               0.000   Shares of beneficial interest                    
Abstain:               0.000   Shares of beneficial interest                    

2b: Amendment to fundamental investment restrictions with respect to making     
loans                                                                           

For:        2,997,042.000   Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2d: Amendment to fundamental investment restrictions with respect to            
investments in commodities.                                                     
For:           2,997,042.000  shares of beneficial interest being a majority of 
                  the shares represented at the meeting.
Against:          0.000    shares of beneficial interest                        
Abstain:          0.000    shares of beneficial interest                        

2e: Amendment to fundamental investment restrictions with respect to            
investments in real estate.                                                     

For:       2,997,042.000   Shares of beneficial interest being a majority of    
            the shares represented at the meeting.
Against:             0.000 Shares of beneficial interest                        
Abstain:             0.000 Shares of beneficial interest                        

2f: Amendment to fundamental investment restrictions with respect to            
underwriting of securities.                                                     

For:         2,997,042.000  Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2j: Amendment to fundamental investment restrictions with respect to            
concentrating investments in an industry                                        

For:       2,997,042.000   Shares of beneficial interest being a majority of    
            the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

3: Reorganization of each Fund into a separate, corresponding series of         
Columbia Funds Institutional Trust.                                             

For:              2,997,042.000   Shares of beneficial interest being a         
                             majority of the shares represented at the
meeting.    
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

CMG Mid Cap Growth Fund                                                         

2a: Amendment to fund investment restrictions with respect to borrowing money,  
pledging assets, and issuing senior securities.                                 

For:              1,480,898.000  Shares of beneficial interest being a majority 
                           of the shares represented at the meeting.
Against:              0.000       Shares of beneficial interest                 
Abstain:              0.000        Shares of beneficial interest                

2b: Amendment to fundamental investment restrictions with respect to making     
loans                                                                           

For:       1,480,898.000 Shares of beneficial interest being a majority of the  
    shares represented at the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2d: Amendment to fundamental investment restrictions with respect to            
investments in commodities.                                                     
For:       1,480,898.000  shares of beneficial interest being a majority of     
          the shares represented at the meeting.
Against:          0.000    shares of beneficial interest                        
Abstain:          0.000    shares of beneficial interest                        

2e: Amendment to fundamental investment restrictions with respect to            
investments in real estate.                                                     

For:         1,480,898.000   Shares of beneficial interest being a majority of  
                the shares represented at the meeting.
Against:             0.000 Shares of beneficial interest                        
Abstain:             0.000 Shares of beneficial interest                        

2f: Amendment to fundamental investment restrictions with respect to            
underwriting of securities.                                                     

For:         1,480,898.000 Shares of beneficial interest being a majority of    
            the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2j: Amendment to fundamental investment restrictions with respect to            
concentrating investments in an industry                                        

For:       1,480,898.000   Shares of beneficial interest being a majority of    
            the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

3: Reorganization of each Fund into a separate, corresponding series of         
Columbia Funds Institutional Trust.                                             

For:      1,480,898.000   Shares of beneficial interest being a majority of the 
      shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

CMG Mid Cap Value Fund                                                          

2a: Amendment to fund investment restrictions with respect to borrowing money,  
pledging assets, and issuing senior securities.                                 

For:              1,431,897.000   Shares of beneficial interest being a         
                             majority of the shares represented at the
meeting.    
Against:              0.000       Shares of beneficial interest                 
Abstain:              0.000        Shares of beneficial interest                

2b: Amendment to fundamental investment restrictions with respect to making     
loans                                                                           

For:            1,431,897.000  Shares of beneficial interest being a majority   
                     of the shares represented at the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2d: Amendment to fundamental investment restrictions with respect to            
investments in commodities.                                                     
For:          1,431,897.000  shares of beneficial interest being a majority of  
                the shares represented at the meeting.
Against:          0.000    shares of beneficial interest                        
Abstain:          0.000    shares of beneficial interest                        

2e: Amendment to fundamental investment restrictions with respect to            
investments in real estate.                                                     

For:           1,431,897.000   Shares of beneficial interest being a majority   
                       of the shares represented at the meeting.
Against:             0.000 Shares of beneficial interest                        
Abstain:             0.000 Shares of beneficial interest                        

2f: Amendment to fundamental investment restrictions with respect to            
underwriting of securities.                                                     

For:        1,431,897.000   Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2j: Amendment to fundamental investment restrictions with respect to            
concentrating investments in an industry                                        

For:              1,431,897.000   Shares of beneficial interest being a         
                               majority of the shares represented at the
meeting.  
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

3: Reorganization of each Fund into a separate, corresponding series of         
Columbia Funds Institutional Trust.                                             

For:          1,431,897.000   Shares of beneficial interest being a majority of 
                  the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

CMG Short Term Bond Fund                                                        

2a: Amendment to fund investment restrictions with respect to borrowing money,  
pledging assets, and issuing senior securities.                                 

For:              4,023,398.462   Shares of beneficial interest being a         
                           majority of the shares represented at the
meeting.      
Against:               0.000       Shares of beneficial interest                
Abstain:               0.000        Shares of beneficial interest               

2b:Amendment to fundamental investment restrictions with respect to making loans

For:                4,023,398.462    Shares of beneficial interest being a      
                               majority of the shares represented at
      the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2c: Amendment to fundamental investment restrictions with respect to            
diversification of investments                                                  

For:               4,023,398.462   Shares of beneficial interest being a        
                           majority of the shares represented at
  the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2d: Amendment to fundamental investment restrictions with respect to            
investments in commodities.                                                     
For:              4,023,398.462 shares of beneficial interest being a majority  
            of the shares represented at
the meeting.    
Against:          0.000    shares of beneficial interest                        
Abstain:          0.000    shares of beneficial interest                        

2e: Amendment to fundamental investment restrictions with respect to            
investments in real estate.                                             

For:            4,023,398.462    Shares of beneficial interest being a majority 
                           of the shares represented at the meeting.
Against:             0.000 Shares of beneficial interest                        
Abstain:             0.000 Shares of beneficial interest                        

2f: Amendment to fundamental investment restrictions with respect to            
underwriting of securities.                                                     

For:              4,023,398.462  Shares of beneficial interest being a majority 
of the shares represented at the meeting.                                       
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2g: Elimination of fundamental investment restrictions with respect to          
purchasing securities on margin                                                 

For:              4,023,398.462  Shares of beneficial interest being a majority 
              of the shares represented at
the meeting.  
Against:              0.000      Shares of beneficial interest                  
Abstain:              0.000      Shares of beneficial interest                  

2h: Elimination of fundamental investment restrictions with respect to          
investing for the purpose of exercising                                         
control                                                                         

For:            4,023,398.462   Shares of beneficial interest being a majority  
            of the shares represented at
the meeting.    
Against:           0.000        Shares of beneficial interest                   
Abstain:           0.000        Shares of beneficial interest                   

2i: Elimination of fundamental investment restrictions with respect to short    
sales.                                                                          

For:              4,023,398. 462  Shares of beneficial interest being a majority
                of the shares represented at
the meeting.
Against:                0.000     Shares of beneficial interest                 
Abstain:                0.000     Shares of beneficial interest                 

2j: Amendment to fundamental investment restrictions with respect to            
concentrating investments in an industry                                        

For:              4,023,398. 462    Shares of beneficial interest being a       
                             majority of the shares represented at
    the meeting.
Against:             0.000          Shares of beneficial interest               
Abstain:             0.000         Shares of beneficial interest                

2k: Amendment to fundamental investment restrictions to purchasing securities   
of companies less than three years old.                                         

For:              4,023,398. 462 Shares of beneficial interest being a majority 
              of the shares represented at
the meeting.  
Against:              0.000     Shares of beneficial interest                   
Abstain:              0.000     Shares of beneficial interest                   

2m: Fund investment restrictions wit respect to purchasing or holding securities
of any company, if securities are owned by officers, director advisor.          

For:              4,023,398.462  Shares of beneficial interest being a majority 
                           of the shares represented at the meeting.
Against:              0.000     Shares of beneficial interest                   
Abstain:              0.000     Shares of beneficial interest                   

3: Reorganization of each Fund into a separate, corresponding series of Columbia
Funds Institutional Trust.                                                      

For:              4,023,398. 462    Shares of beneficial interest being a       
                             majority of the shares represented at
    the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

CMG Small Cap Fund                                                              

2a: Amendment to fund investment restrictions with respect to borrowing money,  
pledging assets, and issuing senior securities.                                 

For:              4,872,898.154  Shares of beneficial interest being a majority 
                  of the shares represented at the
meeting.      
Against:               0.000     Shares of beneficial interest                  
Abstain:               0.000     Shares of beneficial interest                  

2b: Amendment to fundamental investment restrictions with respect to making     
loans                                                                           

For:          4,872,898.154  Shares of beneficial interest being a              
                            majority of the shares represented at the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2c: Amendment to fundamental investment restrictions with respect to            
diversification of investments                                                  

For:         4,872,898.154 Shares of beneficial interest being a majority of    
            the shares represented at the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2d: Amendment to fundamental investment restrictions with respect to            
investments in commodities.                                                     
For:         4,409,487.154  shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:    463,411.000    shares of beneficial interest                        
Abstain:          0.000    shares of beneficial interest                        

2e: Amendment to fundamental investment restrictions with respect to            
investments in real estate.                                                     

For:       4,872,898.154   Shares of beneficial interest being a majority of    
            the shares represented at the meeting.
Against:        0.000 Shares of beneficial interest                             
Abstain:        0.000 Shares of beneficial interest                             

2f: Amendment to fundamental investment restrictions with respect to            
underwriting of securities.                                                     

For:        4,872,898.154 Shares of beneficial interest being a majority of the 
      shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2h: Elimination of fundamental investment restrictions with respect to          
investing for the purpose of exercising control                                 

For:      4,409,487.154  Shares of beneficial interest being a majority of the  
    shares represented at the meeting.
Against:          463,411.000       Shares of beneficial interest               
Abstain:               0.000        Shares of beneficial interest               

2i: Elimination of fundamental investment restrictions with respect to short    
sales.                                                                          

For:          4,409,487.154 Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:       463,411.000  Shares of beneficial interest                       
Abstain:            0.000   Shares of beneficial interest                       

2j: Amendment to fundamental investment restrictions with respect to            
concentrating investments in an industry                                        

For:         4,872,898.154  Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2k: Amendment to fundamental investment restrictions to purchasing securities   
of companies less than three years old.                                         

For:       4,409,487.154   Shares of beneficial interest being a majority of    
            the shares represented at the meeting.
Against:    463,411.000    Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2n: Elimination of fundamental investment restrictions with respect to buying   
and selling puts and calls.                                                     

For:        4,409,487.154  Shares of beneficial interest being a majority of    
            the shares represented at the meeting.
Against:    463,411.000    Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

3: Reorganization of each Fund into a separate, corresponding series of         
Columbia Funds Institutional Trust.                                             

For:       4,872,898.154  Shares of beneficial interest being a majority of     
          the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

CMG Small Cap Growth Fund                                                       

2a: Amendment to fund investment restrictions with respect to borrowing money,  
pledging assets, and issuing senior securities.                                 

For:         2,632,771.000   Shares of beneficial interest being a majority of  
                the shares represented at the meeting.
Against:             0.000   Shares of beneficial interest                      
Abstain:             0.000   Shares of beneficial interest                      

2b: Amendment to fundamental investment restrictions with respect to making     
loans                                                                           

For:         2,632,771.000   Shares of beneficial interest being a majority of  
                the shares represented at the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2d: Amendment to fundamental investment restrictions with respect to            
investments in commodities.                                                     
For:          2,632,771.000   shares of beneficial interest being a majority    
                     of the shares represented at the meeting.
Against:          0.000    shares of beneficial interest                        
Abstain:          0.000    shares of beneficial interest                        

2e: Amendment to fundamental investment restrictions with respect to            
investments in real estate.                                                     

For:       2,632,771.000   Shares of beneficial interest being a majority of the
        shares represented at the meeting.
Against:             0.000 Shares of beneficial interest                        
Abstain:             0.000 Shares of beneficial interest                        

2f: Amendment to fundamental investment restrictions with respect to            
underwriting of securities.                                                     

For:      2,632,771.000  Shares of beneficial interest being a majority of the  
    shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2j: Amendment to fundamental investment restrictions with respect to            
concentrating investments in an industry                                        

For:        2,632,771.000  Shares of beneficial interest being a majority of    
            the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

3:Reorganization of each Fund into a separate, corresponding series of Columbia 
Funds Institutional Trust.                                                      

For:         2,632,771.000   Shares of beneficial interest being a              
                          majority of the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

CMG Small Cap Value Fund                                                        

2a: Amendment to fund investment restrictions with respect to borrowing money,  
pledging assets, and issuing senior securities.                                 

For:              2,235,495.000 Shares of beneficial interest being a           
                         majority of the shares represented at the
meeting.        
Against:                 0.000  Shares of beneficial interest                   
Abstain:                 0.000  Shares of beneficial interest                   

2b: Amendment to fundamental investment restrictions with respect to making     
loans                                                                           

For:              2,235,495.000  Shares of beneficial interest being a          
                         majority of the shares represented at
the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2d: Amendment to fundamental investment restrictions with respect to investments
in commodities.                                                                 
For:         2,235,495.000  shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:          0.000     shares of beneficial interest                       
Abstain:          0.000     shares of beneficial interest                       

2e: Amendment to fundamental investment restrictions with respect to            
investments in real estate.                                                     

For:           2,235,495.000  Shares of beneficial interest being a majority of 
                  the shares represented at the meeting.
Against:             0.000 Shares of beneficial interest                        
Abstain:             0.000 Shares of beneficial interest                        

2f: Amendment to fundamental investment restrictions with respect to            
underwriting of securities.                                                     

For:        2,235,495.000 Shares of beneficial interest being a majority of the 
      shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2j: Amendment to fundamental investment restrictions with respect to            
concentrating investments in an industry                                        

For:              2,235,495.000 Shares of beneficial interest being a majority  
                         of the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

3: Reorganization of each Fund into a separate, corresponding series of         
Columbia Funds Institutional Trust.                                             

For:          2,235,495.000 Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

CMG Small/Mid Cap Fund                                                          

2a: Amendment to fund investment restrictions with respect to borrowing money,  
pledging assets, and issuing senior securities.                                 

For:          2,306,170.000  Shares of beneficial interest being a majority of  
                the shares represented at the meeting.
Against:             0.000   Shares of beneficial interest                      
Abstain:             0.000   Shares of beneficial interest                      

2b: Amendment to fundamental investment restrictions with respect to making     
loans                                                                           

For:          2,306,170.000  Shares of beneficial interest being a majority of  
                the shares represented at the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2c: Amendment to fundamental investment restrictions with respect to            
diversification of investments                                                  

For:           2,306,170.000   Shares of beneficial interest being a majority   
                       of the shares represented at the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2d: Amendment to fundamental investment restrictions with respect to            
investments in commodities.                                                     
For:            2,306,170.000  shares of beneficial interest being a majority   
                       of the shares represented at the meeting.
Against:          0.000        shares of beneficial interest                    
Abstain:          0.000        shares of beneficial interest                    

2e: Amendment to fundamental investment restrictions with respect to            
investments in real estate.                                                     

For:             2,306,170.000 Shares of beneficial interest being              
      a majority of the shares
         represented at the meeting.
Against:             0.000 Shares of beneficial interest                        
Abstain:             0.000 Shares of beneficial interest                        

2f: Amendment to fundamental investment restrictions with respect to            
underwriting of securities.                                                     

For:                2,306,170.000   Shares of beneficial interest being a       
                             majority of the shares represented at
    the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2h: Elimination of fundamental investment restrictions with respect to          
investing for the purpose of exercising control                                 

For:            2,306,170.000 Shares of beneficial interest being a majority of 
                  the shares represented at the meeting.
Against:               0.000  Shares of beneficial interest                     
Abstain:               0.000  Shares of beneficial interest                     

2i: Elimination of fundamental investment restrictions with respect to short    
sales.                                                                          

For:           2,306,170.000  Shares of beneficial interest being a majority of 
                  the shares represented at the meeting.
Against:        0.000      Shares of beneficial interest                        
Abstain:        0.000      Shares of beneficial interest                        

2j: Amendment to fundamental investment restrictions with respect to            
concentrating investments in an industry                                        

For:         2,306,170.000 Shares of beneficial interest being a majority of the
        shares represented at the meeting.
Against:       0.000       Shares of beneficial interest                        
Abstain:       0.000       Shares of beneficial interest                        

2k: Amendment to fundamental investment restrictions to purchasing securities   
of companies less than three years old.                                         

For:           2,306,170.000 Shares of beneficial interest being a majority of  
                the shares represented at the meeting.
Against:         0.000     Shares of beneficial interest                        
Abstain:         0.000     Shares of beneficial interest                        

2n: Elimination of fundamental investment restrictions with respect to buying   
and selling puts and calls.                                                     

For:       2,306,170.000 Shares of beneficial interest being a majority of the  
    shares represented at the meeting.
Against:         0.000     Shares of beneficial interest                        
Abstain:         0.000     Shares of beneficial interest                        

3: Reorganization of each Fund into a separate, corresponding series of Columbia
Funds Institutional Trust.                                                      

For:            2,306,170.000   Shares of beneficial interest being a majority  
                         of the shares represented at the meeting.
Against:         0.000   Shares of beneficial interest                          
Abstain:         0.000   Shares of beneficial interest                          

CMG Strategic Equity Fund                                                       

2a: Amendment to fund investment restrictions with respect to borrowing money,  
pledging assets, and issuing senior securities.                                 

For:              35,962,226.467  Shares of beneficial interest being a         
                         majority of the shares represented at
the meeting.
Against:                0.000       Shares of beneficial interest               
Abstain:                0.000     Shares of beneficial interest                 

2b: Amendment to fundamental investment restrictions with respect to making     
loans                                                                           

For:            35,962,226.467 Shares of beneficial interest being a majority   
                       of the shares represented at the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2d: Amendment to fundamental investment restrictions with respect to investments
in commodities.                                                                 
For:          35,294,420.467 shares of beneficial interest being a majority of  
                the shares represented at the meeting.
Against:       667,806.000   shares of beneficial interest                      
Abstain:             0.000   shares of beneficial interest                      

2e: Amendment to fundamental investment restrictions with respect to            
investments in real estate.                                                     

For:           35,962,226.467 Shares of beneficial interest being a majority of 
                  the shares represented at the meeting.
Against:             0.000 Shares of beneficial interest                        
Abstain:             0.000 Shares of beneficial interest                        

2f: Amendment to fundamental investment restrictions with respect to            
underwriting of securities.                                                     

For:          35,962,226.467 Shares of beneficial interest being a majority of  
                the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2j: Amendment to fundamental investment restrictions with respect to            
concentrating investments in an industry                                        

For:          35,962,226.467 Shares of beneficial interest being a majority of  
                the shares represented at the meeting.
Against:       0.000       Shares of beneficial interest                        
Abstain:       0.000       Shares of beneficial interest                        

3: Reorganization of each Fund into a separate, corresponding series of         
Columbia Funds Institutional Trust.                                             

For:         35,962,226.467  Shares of beneficial interest being a majority of  
                the shares represented at the meeting.
Against:         0.000   Shares of beneficial interest                          
Abstain:         0.000   Shares of beneficial interest                          
CMG Ultra Short Term Bond Fund                                                  

2a: Amendment to fund investment restrictions with respect to borrowing money,  
pledging assets, and issuing senior securities.                                 

For:           4,903,193.000 Shares of beneficial interest being a majority of  
                the shares represented at the meeting.
Against:             0.000   Shares of beneficial interest                      
Abstain:             0.000   Shares of beneficial interest                      

2b: Amendment to fundamental investment restrictions with respect to making     
loans                                                                           

For:             4,903,193.000  Shares of beneficial interest being a majority  
                         of the shares represented at the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2c: Amendment to fundamental investment restrictions with respect to            
diversification of investments                                                  

For:             4,903,193.000  Shares of beneficial interest being a majority  
                         of the shares represented at the meeting.
Against:          0.000    Shares of beneficial interest                        
Abstain:          0.000    Shares of beneficial interest                        

2d: Amendment to fundamental investment restrictions with respect to            
investments in commodities.                                                     
For:            4,903,193.000   shares of beneficial interest being a majority  
                         of the shares represented at the meeting.
Against:          0.000         shares of beneficial interest                   
Abstain:          0.000         shares of beneficial interest                   

2e: Amendment to fundamental investment restrictions with respect to            
investments in real estate.                                                     

For:          4,903,193.000 Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:             0.000 Shares of beneficial interest                        
Abstain:             0.000 Shares of beneficial interest                        

2f: Amendment to fundamental investment restrictions with respect to            
underwriting of securities.                                                     

For:            4,903,193.000 Shares of beneficial interest being a majority of 
                  the shares represented at the meeting.
Against:           0.000   Shares of beneficial interest                        
Abstain:           0.000   Shares of beneficial interest                        

2g: Elimination of fundamental investment restrictions with respect to          
purchasing securities on margin                                                 

For:           4,903,193.000 Shares of beneficial interest being a majority of  
                the shares represented at the meeting.
Against:            0.000  Shares of beneficial interest                        
Abstain:            0.000  Shares of beneficial interest                        

2h: Elimination of fundamental investment restrictions with respect to          
investing for the purpose of exercising control                                 

For:           4,903,193.000     Shares of beneficial interest being a majority 
                           of the shares represented at the meeting.
Against:            0.000        Shares of beneficial interest                  
Abstain:             0.000       Shares of beneficial interest                  

2i: Elimination of fundamental investment restrictions with respect to short    
sales.                                                                          

For:            4,903,193.000 Shares of beneficial interest being a majority of 
                  the shares represented at the meeting.
Against:        0.000      Shares of beneficial interest                        
Abstain:        0.000      Shares of beneficial interest                        

2j: Amendment to fundamental investment restrictions with respect to            
concentrating investments in an industry                                        

For:          4,903,193.000 Shares of beneficial interest being a majority of   
              the shares represented at the meeting.
Against:       0.000       Shares of beneficial interest                        
Abstain:       0.000       Shares of beneficial interest                        

2k: Amendment to fundamental investment restrictions to purchasing securities   
of companies less than three years old.                                         

For:           4,903,193.000  Shares of beneficial interest being a majority    
                     of the shares represented at the meeting.
Against:         0.000     Shares of beneficial interest                        
Abstain:         0.000     Shares of beneficial interest                        

2m: Fund investment restrictions with respect to purchasing or holding          
securities of any company, if securities are owned by officers, director,       
advisor.                                                                        

For:           4,903,193.000    Shares of beneficial interest being a majority  
            of the shares represented at
the meeting.    
Against:         0.000     Shares of beneficial interest                        
Abstain:         0.000     Shares of beneficial interest                        

3: Reorganization of each Fund into a separate, corresponding series of         
Columbia Funds Institutional Trust.                                             

For:     4,903,193.000   Shares of beneficial interest being a majority of the  
    shares represented at the meeting.
Against:         0.000   Shares of beneficial interest                          
Abstain:         0.000   Shares of beneficial interest                          

77D Policies with respect to security investments                               
CMG STRATEGIC EQUITY FUND                                                       
Pursuant to the Board of Trustees' approval, on January 1, 2006 the following   
disclosure under "Principal investment Strategies" of the Fund's prospectus was 
revised with the following paragraph: The Fund's investment objective is to     
provide long-term growth of capital by investing at least 80% of its total      
assets in common stocks. Investments typically will be in companies that the    
portfolio manager believes are undervalued by investors. Under normal market    
conditions, the Fund may invest in companies of any size, ranging from small-cap
companies to large-cap companies. The Fund's investment advisor expects to use  
active trading strategies to take advantage of perceived market opportunities   
across all areas of the market. Most of the Fund's assets will be invested in   
U.S. common stocks; however, the Fund may invest up to 33% of its total assets  
in equity securities, including American Depositary Receipts and Global         
Depositary Receipts, of foreign issuers when consistent with the Fund's         
investment objective. The Fund may also invest in real estate investment trusts 
and securities convertible into or exercisable for stock (including preferred   
stocks, warrants and debentures). The Fund may also invest in options and       
financial futures contracts ("derivatives").                                    

Also, on January 1, 2006 the following disclosure under "Investment Objectives, 
Policies and Risks" of the Fund's Statement of Additional Information was       
revised with the following paragraph: The Fund may invest up to 33% of its total
assets in equity securities of foreign issuers. Foreign equity securities       
include common stock and preferred stock, including securities convertible into 
equity securities, issued by foreign companies, American Depositary Receipts    
("ADRs") and Global Depositary Receipts ("GDRs"). In determining whether a      
company is foreign, the Advisor will consider various factors including where   
the company is headquartered, where the company's principal operations are      
located, where the company's revenues are derived, where the principal trading  
market is located and the country in which the company was legally organized.   
The weight given to each of these factors will vary depending upon the          
circumstances                                                                   

CMG ENHANCED S&P 500(R) INDEX FUND                                              
CMG LARGE CAP VALUE FUND                                                        
CMG LARGE CAP GROWTH FUND                                                       
CMG MID CAP VALUE FUND                                                          
CMG MID CAP GROWTH FUND                                                         
CMG SMALL/MID CAP FUND                                                          
CMG SMALL CAP VALUE FUND                                                        
CMG SMALL CAP GROWTH FUND                                                       
CMG INTERNATIONAL STOCK FUND  (the "Funds")                                     

Pursuant to the approval of shareholders, on November 1, 2005, the fundamental  
investment restrictions applicable to each Fund as represented in the section of
the Statement of Additional Information entitled INVESTMENT RESTRICTIONS were   
amended and restated in their entirety:                                         

Each Fund may not, as a matter of fundamental policy:                           

1.       Underwrite any issue of securities issued by other persons within the  
    meaning of the Securities Act of 1933, as amended (the "1933 Act")
  except when it might be deemed to be an underwriter either:  (a)
       in connection with the disposition of a portfolio security; or (b) in
     connection with the purchase of securities directly from the issuer
thereof in accordance with its investment objective.  This    
        restriction shall not limit the Fund's ability to invest in securities
issued by other registered investment companies.              

2.       Purchase or sell real estate, except a Fund may purchase securities of 
         issuers which deal or invest in real estate and may purchase securities
         which are secured by real estate or interests in real estate and it may
     hold and dispose of real estate or interests in real estat acquired
        through the exercise of its rights as a holder of securities which are
secured by real estate or interests therein.                  

3.       Purchase or sell commodities, except that a Fund may to the extent     
   consistent with its investment objective, invest in securities of
companies that purchase or sell commodities or which invest in
  such programs, and purchase and sell options, forward contracts,
         futures contracts, and options on futures contracts and enter into swap
     contracts and other financial transactions relating to commodities.
 This limitation does not apply to foreign currency transactions
including without limitation forward currency contracts.      

4.       Purchase any securities which would cause 25% or more of the value of  
its total assets at the time of purchase to be invested in the
securities of one or more issuers conducting their principal  
        business activities in the same industry, provided that:  (a) there is
       no limitation with respect to obligations issued or guaranteed by the
         U.S. Government, any state or territory of the United States, or any of
      their agencies, instrumentalities or political subdivisions; and (b)
     notwithstanding this limitation or any other fundamental investment
     limitation, assets may be invested in the securities of one or more
management investment companies to the extent permitted       
by the 1940 Act, the rules and regulations thereunder and any 
applicable exemptive relief.                                  

5.       Make loans, except to the extent permitted by the 1940 Act, the rules  
 and regulations thereunder and any applicable exemptive relief.

6.       Borrow money or issue senior securities except to the extent permitted 
by the 1940 Act, the rules and regulations thereunder and any 
applicable exemptive relief.                                  

7.       Purchase securities (except securities issued or guaranteed by the U.S.
      Government, its agencies or instrumentalities) of any one issuer if,
       as a result, more than 5% of its total assets will be invested in the
       securities of such issuer or it would own more than 10% of the voting
     securities of such issuer, except that:  (a) up to 25% of its total
    assets may be invested without regard to these limitations and (b)
  a Fund's assets may be invested in the securities of one or more
     management investment companies to the extent permitted by the 1940
        Act, the rules and regulations thereunder, or any applicable exemptive
relief.                                                       

CMG CORE PLUS BOND FUND                                                         
CMG CORE BOND FUND                                                              
CMG INTERMEDIATE BOND FUND                                                      
CMG SHORT TERM BOND FUND                                                        
CMG ULTRA SHORT TERM BOND FUND                                                  
CMG GOVERNMENT BOND FUND                                                        
CMG MORTGAGE AND ASSET-BACKED SECURITIES FUND                                   
CMG HIGH YIELD FUND                                                             
CMG INTERNATIONAL BOND FUND  (the "Funds")                                      

Pursuant to the approval of shareholders, on November 1, 2005, the fundamental  
investment restrictions applicable to each Fund as represented in the section of
the Statement of Additional Information entitled INVESTMENT RESTRICTIONS were   
amended and restated in their entirety:                                         

Each Fund may not, as a matter of fundamental policy:                           

1.       Underwrite any issue of securities issued by other persons within the  
    meaning of the Securities Act of 1933, as amended (the "1933 Act")
  except when it might be deemed to be an underwriter either:  (a)
       in connection with the disposition of a portfolio security; or (b) in
     connection with the purchase of securities directly from the issuer
thereof in accordance with its investment objective.  This    
        restriction shall not limit the Fund's ability to invest in securities
issued by other registered investment companies.              

2.       Purchase or sell real estate, except a Fund may purchase securities of 
         issuers which deal or invest in real estate and may purchase securities
         which are secured by real estate or interests in real estate and it may
      hold and dispose of real estate or interests in real estate acquired
        through the exercise of its rights as a holder of securities which are
secured by real estate or interests therein.                  

3.       Purchase or sell commodities, except that a Fund may to the extent     
   consistent with its investment objective, invest in securities of
companies that purchase or sell commodities or which invest in
  such programs, and purchase and sell options, forward contracts,
         futures contracts, and options on futures contracts and enter into swap
contracts and other financial transactions relating to        
  commodities.  This limitation does not apply to foreign currency
       transactions including without limitation forward currency contracts.

4.       Purchase any securities which would cause 25% or more of the value of  
its total assets at the time of purchase to be invested in the
securities of one or more issuers conducting their principal  
        business activities in the same industry, provided that:  (a) there is
       no limitation with respect to obligations issued or guaranteed by the
U.S. Government, any state or territory of the United         
  States, or any of their agencies, instrumentalities or political
   subdivisions; and (b)notwithstanding this limitation or any other
  fundamental investment limitation, assets may be invested in the
         securities of one or more management investment companies to the extent
         permitted by the 1940 Act, the rules and regulations thereunder and any
applicable exemptive relief.                                  

5.       Make loans, except to the extent permitted by the 1940 Act, the rules  
 and regulations thereunder and any applicable exemptive relief.

6.       Borrow money or issue senior securities except to the extent permitted 
by the 1940 Act, the rules and regulations thereunder and any 
applicable exemptive relief.                                  

7.       With the exception of the International Bond Fund, Mortgage and        
      Asset-Backed Securities Fund, and the Core Plus Bond Fund, which are
         non-diversified funds, purchase securities (except securities issued or
       guaranteed by the U.S. Government, its agencies or instrumentalities)
     of any one issuer if, as a result, more than 5% of its total assets
will be invested in the securities of such issuer or it       
         would own more than 10% of the voting securities of such issuer, except
         that:  (a) up to 25% of its total assets may be invested without regard
     to these limitations and (b) a Fund's assets may be invested in the
         securities of one or more management investment companies to the extent
         permitted by the 1940 Act, the rules and regulations thereunder, or any
applicable exemptive relief.                                  

CMG SMALL CAP FUND  (the "Fund")                                                

Pursuant to the approval of shareholders, on November 1, 2005, the fundamental  
investment restrictions applicable to the Fund as represented in the section of 
the Statement of Additional Information entitled INVESTMENT RESTRICTIONS were   
amended and restated in their entirety:                                         

The Fund may not, as a matter of fundamental policy:                            

1.       Underwrite any issue of securities issued by other persons within the  
   meaning of the Securities Act of 1933, as amended (the"1933 Act")
    except when it might be deemed to be an underwriter either: (a) in
    connection with the disposition of a portfolio security; or (b) in
     connection with the purchase of securities directly from the issuer
       thereof in accordance with its investment objective. This restriction
      shall not limit the Fund's ability to invest in securities issued by
other registered investment companies.                        

2.       Purchase or sell real estate, except the Fund may purchase securities  
 of issuers which deal or invest in real estate and may purchase
         securities which are secured by real estate or interests in real estate
        and it may hold and dispose of real estate or interests in real estate
       acquired through the exercise of its rights as a holder of securities
which are secured by real estate or interests therein.        

3.       Purchase or sell commodities, except that the Fund may to the extent   
consistent with its investment objective, invest in           
    securities of companies that purchase or sell commodities or which
invest in such programs, and purchase and sell options,       
        forward contracts, futures contracts, and options on futures contracts
and enter into swap contracts and other financial transactions
    relating to commodities. This limitation does not apply to foreign
     currency transactions including without limitation forward currency
contracts.                                                    

4.       Purchase any securities which would cause 25% or more of the value of  
its total assets at the time of purchase to be invested in the
       securities of one or more issuers conducting their principal business
 activities in the same industry, provided that: (a) there is no
         limitation with respect to obligations issued or guaranteed by the U.S.
    Government, any state or territory of the United States, or any of
      their agencies, instrumentalities or political subdivisions; and (b)
     notwithstanding this limitation or any other fundamental investment
limitation, assets may be invested in the securities of       
     one or more management investment companies to the extent permitted
by the 1940 Act, the rules and regulations thereunder         
and any applicable exemptive relief.                          

5.       Make loans, except to the extent permitted by the 1940 Act, the rules  
 and regulations thereunder and any applicable exemptive relief.

6.       Borrow money or issue senior securities except to the extent permitted 
by the 1940 Act, the rules and regulations thereunder and any 
applicable exemptive relief.                                  

7.       Purchase securities (except securities issued or guaranteed by the U.S.
         Government, its agencies or instrumentalities) of any one issuer if, as
    a result, more than 5% of its total assets will be invested in the
       securities of such issuer or it would own more than 10% of the voting
       securities of such issuer, except that: up to 25% of its total assets
        may be invested without regard to these limitations and (b) the Fund's
    assets may be invested in the securities of one or more management
         investment companies to the extent permitted by the 1940 Act, the rules
and regulations thereunder, or any applicable                 
exemptive relief.                                             

CMG STRATEGIC EQUITY FUND (the "Fund")                                          

Pursuant to the approval of shareholders, on November 1, 2005, the fundamental  
investment restrictions applicable to the Fund as represented in the section of 
the Statement of Additional Information entitled INVESTMENT RESTRICTIONS were   
amended and restated in their entirety:                                         

Each Fund may not, as a matter of fundamental policy:                           

1.       Underwrite any issue of securities issued by other persons within the  
    meaning of the Securities Act of 1933, as amended (the "1933 Act")
     except when it might be deemed to be an underwriter either:  (a) in
     connection with the disposition of a  portfolio security; or (b) in
     connection with the purchase of securities directly from the issuer
        thereof in accordance with its investment objective.  This restriction
shall not limit the Fund's ability to invest in               
securities issued by other registered investment companies.   

2.       Purchase or sell real estate, except a Fund may purchase securities of 
         issuers which deal or invest in real estate and may purchase securities
         which are secured by real estate or interests in real estate and it may
      hold and dispose of real estate or interests in real estate acquired
        through the exercise of its rights as a holder of securities which are
secured by real estate or interests therein.                  

3.       Purchase or sell commodities, except that a Fund may to the extent     
   consistent with its investment objective, invest in securities of
     companies that purchase or sell commodities or which invest in such
     programs, and purchase and sell options, forward contracts, futures
 contracts, and options on futures contracts and enter into swap
     contracts and other financial transactions relating to commodities.
This limitation does not apply to foreign currency            
       transactions including without limitation forward currency contracts.

4.       Purchase any securities which would cause 25% or more of the value of  
its total assets at the time of purchase to be invested in the
       securities of one or more issuers conducting their principal business
  activities in the same industry, provided that:  (a) there is no
         limitation with respect to obligations issued or guaranteed by the U.S.
    Government, any state or territory of the United States, or any of
      their agencies, instrumentalities or political subdivisions; and (b)
     notwithstanding this limitation or any other fundamental investment
     limitation, assets may be invested in the securities of one or more
     management investment companies to the extent permitted by the 1940
Act, the rules and regulations thereunder and any applicable  
exemptive relief.                                             

5.       Make loans, except to the extent permitted by the 1940 Act, the rules  
 and regulations thereunder and any applicable exemptive relief.

6.       Borrow money or issue senior securities except to the extent permitted 
by the 1940 Act, the rules and regulations thereunder and any 
applicable exemptive relief.                                  

7.       Purchase securities (except securities issued or guaranteed by the U.S.
      Government, its agencies or instrumentalities) of any one issuer if,
       as a result, more than 5% of its total assets will be invested in the
       securities of such issuer or it would own more than 10% of the voting
     securities of such issuer, except that:  (a) up to 25% of its total
      assets may be invested without regard to these limitations and (b) a
Fund's assets may be invested in the securities               
        of one or more management investment companies to the extent permitted
by the 1940 Act, the rules and regulations                    
thereunder, or any applicable exemptive relief.               

CMG SHORT TERM BOND FUND  (the "Fund")                                          

Pursuant to the approval of shareholders, on October 21, 2005, the first        
paragraph and three bullet points following the heading PRINCIPAL INVESTMENT    
STRATEGIES in the section entitled CMG SHORT TERM BOND FUND were revised in     
their entirety as follows:                                                      

The Fund intends to invest in a broad range of high quality, short-term fixed   
income securities. The Fund's average portfolio duration will not exceed three  
years and the dollar weighted average maturity will not exceed three years.     
Under normal conditions, the Fund will invest at least 80% of its total assets  
(plus any borrowings for investment purposes) in:                               

- Obligations of the U.S. Government, its agencies or instrumentalities       
-  Corporate debt securities rated either AAA, AA, A or BBB by S&P or Aaa,    
Aa, A or Baa by Moody's                                                 
- Unrated fixed income securities judged to be of comparable quality to       
the securities listed above                                               

CMG ULTRA SHORT TERM BOND FUND (the "Fund")                                     

Pursuant to the approval of shareholders, on October 21, 2005, the first        
paragraph following the heading PRINCIPAL INVESTMENT STRATEGIES in the section  
entitled CMG ULTRA SHORT TERM BOND FUND was revised in its entirety as follows: 

Under normal market conditions, the Fund will invest at least 80% of its net    
assets (plus any borrowings for investment purposes) in a diversified portfolio 
of domestic investment-grade fixed income securities. A fixed income security is
considered investment-grade if it is rated AAA, AA, A or BBB by S&P or Aaa, Aa, 
A or Baa by Moody's, or judged by the advisor to be of comparable quality, if   
unrated, to the categories listed above. The Advisor will limit the Fund's      
duration, which measures the price sensitivity of a fixed income security to    
changes in interest rates, to 1.0 year or less. Under normal market conditions, 
the Fund's dollar-weighted average maturity is expected to be 2 years or less.  

77E Legal Proceedings                                                           

CMG Strategic Equity Fund CMG Small Cap Fund CMG Small/Mid Cap Fund CMG         
International Stock Fund CMG Core Bond Fund CMG High Yield Fund CMG Short Term  
Bond Fund CMG Ultra Short Term Bond Fund CMG Enhanced S&P 500 Index Fund CMG Mid
Cap Growth Fund CMG Mid Cap Value Fund CMG Small Cap Growth Fund CMG Small Cap  
Value Fund CMG Large Cap Growth Fund CMG Large Cap Value Fund                   

On February 9, 2005, Columbia Management Advisors, Inc. (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 has 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 certain Columbia Funds (including the     
former Nations Funds) and other mutual funds management fees 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 agreed
to by the staff of the SEC. The independent distribution consultant has been in 
consultation with the Staff, and has submitted a draft proposed plan of         
distribution, but has not yet submitted a final proposed 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 Trusts. As to Columbia, the Distributor and 
the AdvisorTrustees of the Columbia Funds,t 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 against Columbia and otherswere          
dismissed.. T 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 purported class action plaintiffs filed suit 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.                                    

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.                      

77O Transactions effected pursuant to Rule 10f-3                                
CMG High Yield Fund                                                             

On December 15, 2005, CMG HighYield Fund (Fund) purchased 265,000 par value of  
notes of Atlas Pipeline 8.125% 12/15/15 (Securities) for a                      
total purchase price of $265,000 from Wachovia Capital Markets LLC 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, Inc. (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: Lehman Brothers, Inc. 

CMG High Yield Fund                                                             

On December 8, 2005, CMG HighYield Fund (Fund) purchased 205,000 par value of   
notes of CMS Energy Corp 6.875% 12/15/15 (Securities) for a                     
total purchase price of $205,000 from Citigroup Global Markets/Salomon Bros     
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, Inc. (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:  Citigroup; Merrill   
Lynch & Co; Keybank Capital Markets; Wedbush Morgan Securities Inc.             

CMG High Yield Fund                                                             

On November 8, 2005, CMG HighYield Fund (Fund) purchased 720,000                
par value of notes of Crown Americas Inc. 7.75% 15 (Securities) for a           
total purchase price of $720,000 from Citigroup Global Markets/Salomon Bros     
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, Inc. (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:  Citigroup; Deutsche  
Bank Securities, Inc.; Lehman Brothers; BNP Paribas Securities Corp; ABN Amro;  
Credit Lyonnais; Credit Suisse First Boston Corp; Scotia Capital, Inc.          

CMG Large Cap Value Fund                                                        
On December 6, 2005, CMG Large Cap Value Fund (Fund) purchased 1,941            
par value of notes of XL Capital Ltd (Securities) for a total purchase price of 
$126,124 from Citigroup Global Markets/Salomon Bros 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, Inc. (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:  Citigroup; Goldman   
Sachs & Co.; JP Morgan; Merrill Lynch & Co.;  Wachovia Securities; Deutsche     
Bank Securities, Inc.; Lehman Brothers; Calyon Securities (USA) Incc; ING       
Financial Markets LLC; Keybanc Capital Markets; UBS Investment Bank; Barclays   
Capital; HSBC; Lazard Capital Markets; ABN AMRO Rothschild LLC.                 

CMG Large Cap Value Fund                                                        
On December 6, 2005, CMG Large Cap Value Fund (Fund) purchased 3,160            
par value of notes of XL Capital Ltd (Securities) for a total purchase price of 
$79,000 from Citigroup Global Markets/Salomon Bros 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, Inc. (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:  Citigroup; Goldman   
Sachs & Co.; JP Morgan; Merrill Lynch & Co.;  Wachovia Securities; Deutsche     
Bank Securities, Inc.; Lehman Brothers; Calyon Securities (USA) Incc; ING       
Financial Markets LLC; Keybanc Capital Markets; UBS Investment Bank; Barclays   
Capital; HSBC; Lazard Capital Markets; ABN AMRO Rothschild LLC.                 

CMG Ultra Short Term Bond Fund                                                  
On November 14, 2005, CMG Ultra Short Term Bond Fund (Fund) purchased 1,000,000 
par value of notes of Centex Home Equity 4.05 12/23/35 (Securities) for a total 
purchase price of $1,000,000 from RBS Greenwhich Capital 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, Inc. (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: Citigroup; Credit     
Suisse First Boston.                                                            

CMG Ultra Short Term Bond Fund                                                  
On November 15, 2005, CMG Ultra Short Term Bond Fund (Fund) purchased 800,000   
par value of notes of Chase Auto Owner Trust (Securities) for a total purchase  
price of $799,933 from Merrill Lynch Pierce, Fenner & Smith 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, Inc. (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:  JP Morgan; Merrill   
Lynch; RBS Greenwich Capital; Credit Suisse First Boston.                       

CMG Ultra Short Term Bond Fund                                                  
On December 5, 2005, CMG Ultra Short Term Bond Fund (Fund) purchased 750,000    
par value of notes of Honda Auto (Securities) for a total purchase price of     
$749,946 from Chase Securities Inc. 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, Inc. (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:  JP Morgan; Deutsche  
Bank Securities; Credit Suisse First Boston; Citigroup.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘NSAR-A’ Filing    Date    Other Filings
Filed on / Effective on:4/3/06
3/1/06
For Period end:1/31/06N-CSRS,  NSAR-A/A
1/1/06
12/30/05497,  N-Q
12/15/05
12/8/05
12/6/05
12/5/05497
11/30/05
11/15/05
11/14/05
11/8/05
11/3/05
11/1/05497
10/21/0524F-2NT,  497
9/16/05DEF 14A
6/9/05
3/21/05
3/2/05
2/25/05
2/10/05
2/9/05497
9/29/04NSAR-B
2/20/04
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