Bank of America's primary investment management arm opened three new funds today that will apply a static asset allocation approach to invest in combinations of its funds.

Columbia Management's three new Masters Portfolios will give its investors a level of diversification and access to its products.

The Columbia Masters Heritage Portfolio will invest its assets equally in Columbia Strategic Investor Fund, Columbia Marsico 21st Century Fund and Columbia Strategic Income Fund.

The Columbia Masters International Equity Portfolio will invest 80 percent of its assets in Columbia Multi-Advisor International Equity Fund and 20 percent in Columbia Acorn International Fund.

The Columbia Masters Global Equity Portfolio will invest 40 percent of assets in Columbia Multi-Advisor International Equity Fund, 25 percent each in Columbia Strategic Investor Fund and Columbia Marsico 21st Century Fund, and 10 percent in Columbia Acorn International Fund.

Filed with the SEC on December 1, 2005, these funds will maintain a fixed allocation of assets among each underlying group of funds, and will be rebalanced so that actual allocations to the underlying funds do not exceed plus or minus 3 percent of the predetermined allocation percentage.

Vikram Kuriyan will manage the funds. 

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