Edgar Filing: COLONIAL INVESTMENT GRADE MUNICIPAL TRUST

SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section
14(a) of the Securities Exchange Act of 1934

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[ ] Confidential, For Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))

COLONIAL CALIFORNIA INSURED MUNICIPAL FUND
COLONIAL HIGH INCOME MUNICIPAL TRUST
COLONIAL INSURED MUNICIPAL FUND
COLONIAL INTERMEDIATE HIGH INCOME FUND
COLONIAL INTERMARKET INCOME TRUST I
COLONIAL INVESTMENT GRADE MUNICIPAL TRUST
COLONIAL MUNICIPAL INCOME TRUST
COLONIAL NEW YORK INSURED MUNICIPAL FUND
________________________________________________
(Name of Registrant as Specified In Its Charter)

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COLONIAL CALIFORNIA INSURED MUNICIPAL FUND
COLONIAL HIGH INCOME MUNICIPAL TRUST
COLONIAL INSURED MUNICIPAL FUND
COLONIAL INTERMARKET INCOME TRUST I
COLONIAL INTERMEDIATE HIGH INCOME FUND
COLONIAL INVESTMENT GRADE MUNICIPAL TRUST
COLONIAL MUNICIPAL INCOME TRUST
COLONIAL NEW YORK INSURED MUNICIPAL FUND

(EACH, A "FUND"; COLLECTIVELY, THE "FUNDS")
ONE FINANCIAL CENTER,
BOSTON, MASSACHUSETTS 02111-2621
(617) 426-3750

NOTICE OF ANNUAL MEETINGS OF SHAREHOLDERS
MAY 26, 2004

To the Shareholders of the Funds:

NOTICE IS HEREBY GIVEN that the Annual Meetings of Shareholders of the Funds
(the "Meeting") will be held at the offices of the Funds at One Financial
Center, Boston, Massachusetts, on May 26, 2004, at 10:00 a.m. Boston time. The
purpose of the Meeting is to consider and act upon the following matters:

1. To elect Trustees of the Funds as outlined below:

(a) Colonial High Income Municipal Trust:

(i) Five Trustees to be elected by the holders of common shares of
beneficial interest, no par value (the "Common Shares") and
Municipal Auction Rate Cumulative Preferred Shares (the "Preferred
Shares") of the Fund, voting together as a single class; and

(ii) Two Trustees to be elected by the holders of Preferred Shares only,
voting as a single class.

(b) Colonial Investment Grade Municipal Trust:

(i) Five Trustees to be elected by the holders of Common Shares and
Preferred Shares of the Fund, voting together as a single class; and

(ii) Two Trustees to be elected by the holders of Preferred Shares only,
voting as a single class.

G-60/723R-0404

(c) Colonial InterMarket Income Trust I: Four Trustees to be elected by the
holders of shares of beneficial interest of the Fund.

(d) Colonial California Insured Municipal Fund:

(i) Five Trustees to be elected by the holders of Common Shares and
Preferred Shares of the Fund, voting together as a single class; and

(ii) Two Trustees to be elected by the holders of Preferred Shares only,
voting as a single class.

(e) Colonial Insured Municipal Fund:

(i) Five Trustees to be elected by the holders of Common Shares and
Preferred Shares of the Fund, voting together as a single class; and

(ii) Two Trustees to be elected by the holders of Preferred Shares only,
voting as a single class.

(f) Colonial New York Insured Municipal Fund:

(i) Five Trustees to be elected by the holders of Common Shares and
Preferred Shares of the Fund, voting together as a single class; and

(ii) Two Trustees to be elected by the holders of Preferred Shares only,
voting as a single class.

(g) Colonial Municipal Income Trust:

(i) Five Trustees to be elected by the holders of Common Shares and
Preferred Shares of the Fund, voting together as a single class; and

(ii) Two Trustees to be elected by the holders of Preferred Shares only,
voting as a single class.

(h) Colonial Intermediate High Income Fund: Five Trustees to be elected by
the holders of shares of beneficial interest of the Fund.

2. To transact such other business as may properly come before the Meeting and
any adjourned session of the Meeting.

The Boards of Trustees have fixed the close of business on March 10, 2004, as
the record date for the determination of the shareholders of the Funds entitled
to notice of, and to vote at, the Meeting and any adjournments thereof.

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE FOR ALL OF THE PROPOSALS.

By order of the Boards of Trustees,

David A. Rozenson
Secretary of the Funds

YOUR VOTE IS IMPORTANT -- PLEASE RETURN YOUR PROXY PROMPTLY.

You are cordially invited to attend the Meeting. We urge you, whether or not you
expect to attend the Meeting in person, to indicate your voting instructions on
the enclosed proxy, date and sign it, and return it in the envelope provided,
which needs no postage if mailed in the United States. We ask your cooperation
in mailing your proxy promptly.

April 28, 2004

PROXY STATEMENT

COLONIAL CALIFORNIA INSURED MUNICIPAL FUND (CCAIMF)
COLONIAL HIGH INCOME MUNICIPAL TRUST (CHIMT)
COLONIAL INSURED MUNICIPAL FUND (CIMF)
COLONIAL INTERMARKET INCOME TRUST I (CIITI)
COLONIAL INTERMEDIATE HIGH INCOME FUND (CIHIF)
COLONIAL INVESTMENT GRADE MUNICIPAL TRUST (CIGMT)
COLONIAL MUNICIPAL INCOME TRUST (CMIT)
COLONIAL NEW YORK INSURED MUNICIPAL FUND (CNYIMF)

ANNUAL MEETINGS OF SHAREHOLDERS
MAY 26, 2004

This Proxy Statement is furnished in connection with the solicitation of proxies
on behalf of the Boards of Trustees of the Funds to be used at the Annual
Meetings of Shareholders of the Funds to be held at the offices of the Funds at
One Financial Center, Boston, Massachusetts, on May 26, 2004, at 10:00 a.m.
Boston time and at any adjournments thereof (such meetings and any adjournments
being referred to as the "Meeting").

The solicitation of proxies for use at the Meeting is being made primarily by
the mailing on or about April 28, 2004, of the Notice of Annual Meetings, this
Proxy Statement and the accompanying proxy cards. Supplementary solicitations
may be made by mail, telephone, or personal interview by officers and Trustees
of the Funds and officers and employees of the Funds' investment advisor,
Columbia Management Advisors, Inc. ("Columbia" or the "Adviser") and/or its
affiliates. Columbia is located at One Financial Center, Boston, Massachusetts
02111-2621. Authorization to execute proxies may be obtained from shareholders
through instructions transmitted by telephone or facsimile. The expenses
incurred in connection with preparing this Proxy Statement and soliciting
proxies for the Meeting will be paid by the Funds. The Funds will reimburse
brokerage firms and others for their expenses in forwarding solicitation
material to the beneficial owners of shares.

The Meeting is being held to vote on the matters described below.

PROPOSAL 1. ELECTION OF TRUSTEES

1.(A) COLONIAL HIGH INCOME MUNICIPAL TRUST

Messrs. Mayer, Nelson, Simpson, Theobald and Woolworth (who have each agreed to
serve) are proposed for election as Trustees of the Fund and are to be elected
by the holders of Common Shares and Preferred Shares, voting together as a
single class. Messrs. Mayer, Nelson and Theobald will each serve for three years
and Messrs Simpson and Woolworth will each serve for one year or until a
successor is elected. Messrs. Hacker and Stitzel (who have each agreed to serve)
are proposed for election as Trustees of the Fund and are to be elected by the
holders of Preferred Shares only, voting as a single class.

The Board of Trustees (other than Messrs. Hacker and Stitzel) is divided into
the following three classes, each with a term expiring in the year indicated
(assuming the persons listed above are elected at the Meeting):

2005 2006 2007
---- ---- ----

Mr. Lowry Ms. Kelly Mr. Mayer
Mr. Neuhauser Ms. Verville Mr. Nelson
Mr. Simpson Mr. Theobald
Mr. Woolworth

Messrs. Hacker and Stitzel are subject to re-election annually by the holders of
Preferred Shares of the Fund.

REQUIRED VOTE

With respect to Messrs. Mayer, Nelson, Simpson, Theobald and Woolworth, the
affirmative vote of a plurality of the holders of Common Shares and Preferred
Shares, voting together as a single class, present at the Meeting in person or
by proxy, is required for the election of each such Trustee. With respect to the
election of Messrs. Hacker and Stitzel, the affirmative vote of a plurality of
the holders of Preferred Shares, present at the Meeting in person or by proxy,
is required for the election of each such Trustee.

1.(B) COLONIAL INVESTMENT GRADE MUNICIPAL TRUST

Messrs. Mayer, Neuhauser, Simpson, Theobald and Woolworth (who have each agreed
to serve) are proposed for election as Trustees of the Fund and are to be
elected by the holders of Common Shares and Preferred Shares,

voting together as a single class. Messrs. Mayer, Neuhauser, Theobald and
Woolworth will each serve for three years and Mr. Simpson will serve for two
years or until a successor is elected. Messrs. Hacker and Stitzel (who have each
agreed to serve) are proposed for election as Trustees of the Fund and are to be
elected by the holders of Preferred Shares only, voting as a single class.

2005 2006 2007
---- ---- ----

Mr. Lowry Ms. Kelly Mr. Mayer
Mr. Nelson Mr. Simpson Mr. Neuhauser
Ms. Verville Mr. Theobald
Mr. Woolworth

Messrs. Hacker and Stitzel are subject to re-election annually by the holders of
Preferred Shares of the Fund.

REQUIRED VOTE

With respect to Messrs. Mayer, Neuhauser, Simpson, Theobald and Woolworth, the
affirmative vote of a plurality of the holders of Common Shares and Preferred
Shares, voting together as a single class, present at the Meeting in person or
by proxy, is required for the election of each such Trustee. With respect to the
election of Messrs. Hacker and Stitzel, the affirmative vote of a plurality of
the holders of Preferred Shares, present at the Meeting in person or by proxy,
is required for the election of each such Trustee.

1.(C) COLONIAL INTERMARKET INCOME TRUST I

Messrs. Neuhauser, Simpson, Theobald and Woolworth (who have each agreed to
serve) are proposed for election as Trustees of the Fund. Messrs. Neuhauser,
Theobald and Woolworth will each serve for three years and Mr. Simpson will
serve for two years or until a successor is elected.

The Board of Trustees is divided into the following three classes, each with a
term expiring in the year indicated (assuming the persons listed above are
elected at the Meeting):

2005 2006 2007
---- ---- ----

Mr. Lowry Mr. Hacker Mr. Neuhauser
Mr. Mayer Ms. Kelly Mr. Theobald
Mr. Stitzel Mr. Nelson Mr. Woolworth
Ms. Verville Mr. Simpson

REQUIRED VOTE

The affirmative vote of a plurality of the holders of shares of beneficial
interest of the Fund, present at the Meeting in person or by proxy, is required
for the election of each such Trustee.

1.(D) COLONIAL CALIFORNIA INSURED MUNICIPAL FUND

Ms. Verville and Messrs. Neuhauser, Simpson, Theobald and Woolworth (who have
each agreed to serve) are proposed for election as Trustees of the Fund and are
to be elected by the holders of Common Shares and Preferred Shares, voting
together as a single class. Ms. Verville and Messrs. Neuhauser and Theobald will
each serve for three years or until a successor is elected. Mr. Simpson will
serve for one year and Mr. Woolworth will serve for two years or until a
successor is elected. Messrs. Hacker and Stitzel (who have each agreed to serve)
are proposed for election as Trustees of the Fund and are to be elected by the
holders of Preferred Shares only, voting as a single class.

2005 2006 2007
---- ---- ----

Ms. Kelly Mr. Lowry Mr. Neuhauser
Mr. Simpson Mr. Mayer Mr. Theobald
Mr. Nelson Ms. Verville
Mr. Woolworth

Messrs. Hacker and Stitzel are subject to re-election annually by the holders of
Preferred Shares of the Fund.

REQUIRED VOTE

With respect to Ms. Verville and Messrs. Neuhauser, Simpson, Theobald and
Woolworth, the affirmative vote of a plurality of the holders of Common Shares
and Preferred Shares, voting together as a single class, present at the Meeting
in person or by proxy, is required for the election of each such Trustee. With
respect to the election of Messrs. Hacker and Stitzel, the affirmative vote of a
plurality of the holders of Preferred Shares, present at the Meeting in person
or by proxy, is required for the election of each such Trustee.

1.(E) COLONIAL INSURED MUNICIPAL FUND

2005 2006 2007
---- ---- ----

Ms. Kelly Mr. Lowry Mr. Neuhauser
Mr. Simpson Mr. Mayer Mr. Theobald
Mr. Nelson Ms. Verville
Mr. Woolworth

Messrs. Hacker and Stitzel are subject to re-election annually by the holders of
Preferred Shares of the Fund.

REQUIRED VOTE

Stitzel, the affirmative vote of a plurality of the holders of Preferred Shares,
present at the Meeting in person or by proxy, is required for the election of
each such Trustee.

1.(F) COLONIAL NEW YORK INSURED MUNICIPAL FUND

2005 2006 2007
---- ---- ----

Ms. Kelly Mr. Lowry Mr. Neuhauser
Mr. Simpson Mr. Mayer Mr. Theobald
Mr. Nelson Ms. Verville
Mr. Woolworth

Messrs. Hacker and Stitzel are subject to re-election annually by the holders of
Preferred Shares of the Fund.

REQUIRED VOTE

1.(G) COLONIAL MUNICIPAL INCOME TRUST

Messrs. Lowry, Neuhauser, Simpson, Theobald and Woolworth (who have each agreed
to serve) are proposed for election as Trustees of the Fund and
6

are to be elected by the holders of Common Shares and Preferred Shares, voting
together as a single class. Messrs. Lowry, Neuhauser and Theobald will each
serve for three years or until a successor is elected. Messrs. Simpson and
Woolworth will each serve for two years or until a successor is elected. Messrs.
Hacker and Stitzel (who have each agreed to serve) are proposed for election as
Trustees of the Fund and are to be elected by the holders of Preferred Shares
only, voting as a single class.

2005 2006 2007
---- ---- ----

Mr. Mayer Ms. Kelly Mr. Lowry
Ms. Verville Mr. Nelson Mr. Neuhauser
Mr. Woolworth Mr. Simpson
Mr. Theobald

Messrs. Hacker and Stitzel are subject to re-election annually by the holders of
Preferred Shares of the Fund.

REQUIRED VOTE

With respect to Messrs. Lowry, Neuhauser, Simpson, Theobald and Woolworth, the
affirmative vote of a plurality of the holders of Common Shares and Preferred
Shares, voting together as a single class, present at the Meeting in person or
by proxy, is required for the election of each such Trustee. With respect to the
election of Messrs. Hacker and Stitzel, the affirmative vote of a plurality of
the holders of Preferred Shares, present at the Meeting in person or by proxy,
is required for the election of each such Trustee.

1.(H) COLONIAL INTERMEDIATE HIGH INCOME FUND

Ms. Verville and Messrs. Simpson, Stitzel, Theobald and Woolworth (who have each
agreed to serve) are proposed for election as Trustees of the Fund. Ms. Verville
and Messrs Simpson, Stitzel and Theobald will each serve for three years or
until a successor is elected. Mr. Woolworth will serve for one year or until a
successor is elected.

The Board of Trustees is divided into the following three classes, each with a
term expiring in the year indicated (assuming the persons listed above are
elected at the Meeting):

2005 2006 2007
---- ---- ----

Mr. Lowry Mr. Hacker Mr. Stitzel
Mr. Mayer Ms. Kelly Mr. Theobald
Mr. Nelson Mr. Neuhauser Mr. Simpson
Mr. Woolworth Ms. Verville

REQUIRED VOTE

The affirmative vote of a plurality of the holders of shares of beneficial
interest of the Fund present at the Meeting in person or by proxy is required
for the election of each such Trustee.

FOR INFORMATION REGARDING THE BOARD OF TRUSTEES AND EXECUTIVE OFFICERS OF YOUR
FUND, SEE APPENDIX A TO THIS PROXY STATEMENT.

TRUSTEES' COMPENSATION

The members of each Fund's Board of Trustees also serve as Trustees on the
boards for all other funds within the "Funds Complex." As of December 31, 2003,
the Funds Complex consisted of 107 open-end funds and 15 closed-end management
investment company portfolios. Two-thirds of the Trustees' fees are allocated
among the funds within the Funds Complex based on the relative net assets of
each fund and one-third of the fees is divided equally among the funds within
the Funds Complex.

FOR MORE INFORMATION REGARDING THE COMPENSATION OF THE TRUSTEES, SEE APPENDIX
B.1 AND APPENDIX B.2 TO THIS PROXY STATEMENT.

SHAREHOLDER COMMUNICATIONS

Shareholders may communicate with the Trustees as a group or individually. Any
such communications should be sent to a Fund's Board or an individual Trustee in
writing, c/o the Secretary of the Funds, One Financial Center, Boston, MA
02111-2621. The Secretary may determine not to forward any letter to the Board
or a Trustee that does not relate to the business of a Fund.

TRUSTEE SHARE OWNERSHIP

The table in Appendix C shows, as of December 31, 2003, the dollar range of
equity securities beneficially owned by each Trustee (i) in each of the Funds,
and (ii) in all funds overseen by the Trustee in the Funds Complex.

TRUSTEES' MEETINGS AND COMMITTEES

The Board of Trustees of each Fund (the "Board") is responsible for the overall
management and supervision of that Fund's affairs and for protecting the
interests of the Fund's shareholders. For the fiscal year ended October 31,
2003, CIHIF held 7 meetings (6 regular joint Board meetings and 1 special joint
Board meetings). (CIHIF has since changed its fiscal year end to November 30.)
For the fiscal year ended November 30, 2003, each other Fund held 8 meetings (6
regular joint Board meetings and 2 special joint Board meetings). The Funds do
not have a formal policy on Trustee attendance at the annual meetings of
shareholders, but encourage such attendance. One Trustee attended the Funds'
2003 annual meetings.

The Board has created several committees to perform specific functions on behalf
of the Funds. The members of each committee, along with a description of each
committee's functions, appear below, followed by a table that sets forth the
number of meetings held by the Board and each committee during the last fiscal
year.

1. AUDIT COMMITTEE

Each Fund has an Audit Committee (the "Audit Committee") comprised of only
"Independent Trustees" (as defined in the listing standards of the New York
Stock Exchange ("NYSE") and the American Stock Exchange ("AMEX")), who are also
not "interested persons" (as defined in the Investment Company Act of 1940, as
amended ("1940 Act")) of any Fund. Each member of the Audit Committee must be
financially literate and at least one member must have prior accounting
experience or related financial management expertise. The Board has determined,
in accordance with applicable regulations of the NYSE and AMEX, that each member
of the Audit Committee is financially literate and has prior accounting
experience or related financial management expertise.

On February 10, 2004, the Audit Committee adopted a revised written charter
which sets forth the Audit Committee's structure, duties and powers, and methods
of operation. A copy of the revised Audit Committee Charter is attached as
Appendix F. The Audit Committee serves as an independent and objective party to
monitor the Funds' accounting policies, financial reporting and internal control
systems and the work of the Funds'
9

independent auditors. The Audit Committee also serves to provide an open avenue
of communication between the independent accountants, Columbia's internal
accounting staff and the Board. The principal functions of the Audit Committee
are to assist Board oversight of: (1) the integrity of each Fund's financial
statements, (2) each Fund's compliance with legal and regulatory requirements,
(3) the independent accountants' qualifications and independence, (4) the
performance of the Adviser's internal audit function, and (5) the independent
accountants. The Audit Committee is directly responsible for the appointment,
compensation, retention and oversight of the work of the independent accountants
(including the resolution of disagreements between management and the
independent accountants regarding financial reporting) for the purpose of
preparing or issuing an audit report or performing other review or attest
services for the Funds.

AUDIT COMMITTEE REPORT

At a meeting of the Audit Committees on January 12, 2004, the Audit Committees:
(i) reviewed and discussed with management the Funds' audited financial
statements for the most recently completed fiscal year and (ii) discussed with
PricewaterhouseCoopers LLP ("PwC"), the Funds' independent accountants, the
matters required to be discussed by Statement on Auditing Standards No. 61 and
other professional standards and regulatory requirements. At a meeting of the
Audit Committees on February 10, 2004, the Audit Committees obtained from PwC a
formal written statement consistent with Independence Standards Board Standard
No. 1, "Independence Discussions with Audit Committees," describing all
relationships between the independent accountants and the Funds that might bear
on the independent accountants' independence and discussed with PwC any
relationships that may impact its objectivity and independence and satisfied
itself as to the independent accountants' independence. Based on its review and
discussion, the Audit Committee recommended to the Board that the audited
financial statements for each Fund be included in that Fund's Annual Report to
shareholders. The Funds' Audit Committee members are Ms. Verville and Messrs.
Hacker, Stitzel and Woolworth.

Based on the recommendation from the Audit Committee and on its own review, the
Board selected PwC as independent accountants for the Funds for the fiscal year
ending November 30, 2004. Representatives of PwC are not expected to be at the
Meeting, but have been given the opportunity to make a statement if they so
desire and will be available should any matter arise requiring their presence.

2. GOVERNANCE COMMITTEE

Messrs. Lowry, Mayer, Simpson and Theobald are members of the Governance
Committee of each Fund. The Funds have no nominating or compensation committee.
The Governance Committee performs certain of the functions typically performed
by these committees. Among other things, the Governance Committee recommends to
the Board nominees for Trustee and nominees for appointment to various
committees; performs periodic evaluations of the effectiveness of the Board;
reviews and recommends to the Board policies and practices to be followed in
carrying out the Trustees' duties and responsibilities; and reviews and makes
recommendations to the Board regarding the compensation of the Trustees who are
not affiliated with Columbia. The Governance Committee has not adopted a
Charter.

The Funds have no nominating or compensation committee. Three of the four
Governance Committee members, Messrs. Lowry, Simpson and Theobald, who are
"Independent Trustees" (as defined in the NYSE and AMEX listing standards) and
are not "interested persons" (as defined in the 1940 Act) of any Fund
("Governance Committee Independent Trustees"), participate in the consideration,
selection and nomination of Trustees. The Governance Committee Independent
Trustees will consider candidates for Trustee identified by any reasonable
source, including current Independent Trustees, Fund management, Fund
shareholders and other persons or entities. Shareholders of a Fund who wish to
nominate a candidate to a Fund's Board may send information regarding
prospective candidates to the Governance Committee, in care of the relevant
Fund, at One Financial Center, Boston, MA 02111-2621. The information should
include evidence of the shareholders' Fund ownership, a full listing of the
proposed candidate's education, experience, current employment, date of birth,
names and addresses of at least three professional references, information as to
whether the candidate is not an "interested person" under the 1940 Act and
"independent" under NYSE and AMEX listing standards in relation to the Fund, and
such other information as may be helpful to the Governance Committee Independent
Trustees in evaluating the candidate. All satisfactorily completed information
packages regarding a candidate will be forwarded to a member of the Governance
Committee for consideration. Recommendations for candidates will be evaluated in
light of whether the number of Trustees of a Fund is expected to be increased
and anticipated vacancies. All nominations from Fund shareholders will be
considered. There may be times when the Governance Committee is not recruiting
new Board members. In that case, shareholder recommendations will be maintained
on file pending the active recruitment of Trustees.

When considering candidates for Trustee. However, the Governance Committee
Independent Trustees consider, among other things, whether prospective nominees
have distinguished records in their primary careers, personal and professional
integrity, and substantive knowledge in areas important to the Board's
operations, such as background or education in finance, auditing, securities
law, the workings of the securities markets, or investment advice. For
candidates to serve as Independent Trustees, independence from the Funds'
investment adviser, its affiliates and other principal service providers is
critical, as is an independent and questioning mind-set. In each case, the
Governance Committee Independent Trustees will evaluate whether a candidate is
an "interested person" under the 1940 Act and "independent" under NYSE and AMEX
listing standards. The Governance Committee Independent Trustees also consider
whether a prospective candidate's workload would be consistent with regular
attendance at Board meetings and would allow him or her to be available for
service on Board committees, and devote the additional time and effort necessary
to stay apprised of Board matters and the rapidly changing regulatory
environment in which the Funds operate. Different substantive areas may assume
greater or lesser significance at particular times, in light of a Board's
present composition and its perceptions about future issues and needs.

The Governance Committee Independent Trustees initially evaluate prospective
candidates on the basis of their resumes, considered in light of the criteria
discussed above. Those prospective candidates that appear likely to be able to
fill a significant need of the Board would be contacted by a Governance
Committee Independent Trustee by telephone to discuss the position; if there
appeared to be sufficient interest, an in-person meeting with one or more of the
Governance Committee Independent Trustees would be arranged. If a Governance
Committee Independent Trustee, based on the results of these contacts, believes
he or she has identified a viable candidate, he or she would air the matter with
the other Governance Committee Independent Trustees for input. Any request by
Fund management to meet with the prospective candidate would be given
appropriate consideration. The Funds have not paid a fee to third parties to
assist in finding nominees.

3. ADVISORY FEES & EXPENSES COMMITTEE

Ms. Kelly and Messrs. Mayer, Nelson and Neuhauser are members of the Advisory
Fees & Expenses Committee of each Fund. The Advisory Fees & Expenses Committee's
functions include reviewing and making recommendations to the Board as to
contracts requiring approval of a

majority of the disinterested Trustees and as to any other contracts that may be
referred to the committee by the Board.

NUMBER OF
CCAIMF, CHIMT,
CIMF, CIITI,
CIGMT, CMIT,
NUMBER OF CIHIF CNYIMF MEETINGS
MEETINGS FOR FISCAL FOR FISCAL YEAR
YEAR ENDED ENDED
OCTOBER 31, 2003 NOVEMBER 30, 2003
------------------- -----------------

Board of Trustees 7 8
Audit Committee 10 10
Governance Committee 5 5
Advisory Fees & Expenses
Committee 5 5

AUDIT COMMITTEE PRE-APPROVAL OF INDEPENDENT ACCOUNTANT SERVICES

Effective May 6, 2003, the Audit Committee is required to pre-approve the
engagement of the Funds' independent accountants to provide audit and non-audit
services to each Fund and non-audit services to Columbia (not including any
subadviser whose role is primarily portfolio management and is contracted with
or overseen by another investment adviser) or any entity controlling, controlled
by or under common control with Columbia that provides ongoing services to the
Funds ("Columbia Affiliate"), if the engagement relates directly to the
operations or financial reporting of the Funds. The engagement may be entered
into pursuant to pre-approval policies and procedures established by the Audit
Committee.

The Funds' Audit Committee has adopted an Audit and Non-Audit Services
Pre-Approval Policy ("Policy") for the pre-approval of audit and non-audit
services provided to each Fund and non-audit services provided to Columbia and
Columbia Affiliates, if the engagement relates directly to the operations or
financial reporting of the Funds. The Policy sets forth the procedures and
conditions pursuant to which services to be performed by the Funds' independent
accountants are to be pre-approved. Unless a type of service receives general
pre-approval under the Policy, it requires specific pre-approval by the Audit
Committee if it is to be provided by the independent accountants.

The Policy provides for the general pre-approval by the Audit Committee of
certain: (i) audit services to the Funds; (ii) audit-related services to the
Funds; (iii) tax services to the Funds; (iv) other services to the Funds; and
(v) Fund-related services to Columbia Affiliates. The Policy requires the Fund
Treasurer and/or Director of Trustee Administration to submit to the

Audit Committee, at least annually, a schedule of the types of services that are
subject to general pre-approval. The schedule(s) must provide a description of
each type of service that is subject to general pre-approval and, where
possible, will provide projected fee caps for each instance of providing each
service. The general pre-approval and related fees will cover the period from
July 1 through June 30 of the following year. At least annually, the Audit
Committee will review and approve the types of services and review the projected
fees for the next year, and may add to, or subtract from, the list of
pre-approved services from time to time, based on subsequent determinations. In
addition to the fees for each individual service, the Audit Committee has the
authority to implement a fee cap on the aggregate amount of non-audit services
provided to an individual Fund. The fee amounts listed on the schedules will be
updated to the extent necessary at each of the other regularly scheduled
meetings of the Audit Committee.

FEES PAID TO INDEPENDENT ACCOUNTANTS

The following table sets forth the aggregate fees billed by PwC for each Fund's
last two fiscal years for professional services rendered for (i) audit services,
including the audit of each Fund's financial statements and services normally
provided in connection with statutory and regulatory filings or engagements for
those fiscal years; (ii) audit-related services associated with the review of
the Funds' semi-annual financial statements, and, for all Funds other than CIITI
and CIHIF, procedures relating to reports required by rating agencies; (iii) tax
services and, primarily, reviews of Fund tax returns; and (iv) other services.
CIHIF audit-related fees reported in 2002 also include amounts paid for
procedures relating to reports required by lending entities. Please note that
the table includes amounts related to non-audit services that would have been
subject to pre-approval if SEC rules relating to the pre-approval of non-audit
services had been in effect at that time.

All of the audit fees, audit-related fees, tax fees and other fees billed by PwC
for services provided to the Funds in the fiscal years ended October 31, 2003
and November 30, 2003 were pre-approved by the Audit Committee. There were no
amounts (including amounts related to non-audit services provided prior to May
6, 2003 that would have been subject to pre-approval if the requirement to
pre-approve non-audit services had been in effect) that were approved by the
Audit Committee pursuant to the de minimis exception for the fiscal years ended
October 31, 2003 and November 30, 2003.

There were no amounts billed by PwC in the fiscal years ended October 31, 2003
and November 30, 2003 for audit-related services, tax services or other services
provided to Columbia or Columbia Affiliates for engagements that related
directly to the operations or financial reporting of the Funds. Accordingly,
there were no amounts (including amounts related to non-audit services provided
prior to May 6, 2003 that would have been subject to pre-approval if the
requirement to pre-approve non-audit services had been in effect) that were
approved by the Audit Committee pursuant to the de minimis exception with
respect to Columbia or Columbia Affiliates for engagements that related directly
to the operations or financial reporting of the Funds.

AUDIT AUDIT-RELATED TAX ALL OTHER
FEES FEES FEES FEES
------- ------------- ------ ---------

CCAIMF 2002 $22,780 $8,500 $3,300 $0
2003 $23,610 $7,400 $3,371 $0
CHIMT 2002 $27,475 $8,500 $2,500 $0
2003 $28,460 $7,400 $3,071 $0
CIMF 2002 $22,780 $8,500 $3,300 $0
2003 $23,610 $7,400 $3,371 $0
CIITI 2002 $29,355 $2,000 $2,300 $0
2003 $30,220 $4,000 $2,500 $0
CIHIF(1) 2002 $34,190 $3,500 $2,500 $0
2003 $34,970 $4,000 $2,600 $0
CIGMT 2002 $23,645 $8,500 $3,000 $0
2003 $24,490 $7,400 $3,071 $0
CMIT 2002 $27,475 $8,500 $3,000 $0
2003 $28,460 $7,400 $3,071 $0
CNYIMF 2002 $22,780 $8,500 $3,300 $0
2003 $23,610 $7,400 $3,371 $0

---------------

(1) Colonial Intermediate High Income Fund amounts are for the fiscal years
ended October 31, 2003 and October 31, 2002. The Fund changed its year-end
to November 30, 2003 and fees for that period are as follows: Audit,
$17,485; Audit-Related, $0; Tax, $2,600; All Other, $0.

The aggregate amount of fees paid for non-audit services billed to the Funds,
Columbia and Columbia Affiliates was $79,700 in the fiscal year ended November
30, 2002 (October 31, 2002 for CIHIF) and $76,826 for the fiscal year ended
November 30, 2003 (October 31, 2003 for CIHIF).

The Audit Committee has determined that the provision of the services described
above is compatible with maintaining the independence of PwC.

MANAGEMENT

Columbia, located at One Financial Center, Boston, MA 02111, is the Funds'
investment adviser. Columbia is a wholly owned subsidiary of Columbia Management
Group, Inc., ("CMG"), which is a wholly owned subsidiary of Fleet National Bank,
a national banking association, which in turn is a wholly owned subsidiary of
FleetBoston, a U.S. financial holding company. On April 1, 2004, FleetBoston
Financial Corporation was acquired by Bank of America Corporation. As a result
of this acquisition, CMA and CFDI are now indirect wholly-owned subsidiaries of
Bank of America Corporation. Bank of America is one of the world's largest
financial institutions, serving individual consumers, small businesses and large
corporations and institutions with a full range of banking, investing, asset
management and other financial and risk management products and services. CMG is
located at One Financial Center, Boston, MA 02111.

LEGAL PROCEEDINGS

Columbia and Columbia Funds Distributor, Inc. ("CFDI") and certain of their
affiliates have received information requests and subpoenas from various
regulatory and law enforcement authorities in connection with their
investigations of late trading and market timing in mutual funds. None of the
entities involved has uncovered any instances where Columbia or CFDI were
knowingly involved in late trading of mutual fund shares.

On February 24, 2004, the Securities and Exchange Commission ("SEC") filed a
civil complaint in the United States District Court for the District of
Massachusetts against Columbia and CFDI, alleging that they had violated certain
provisions of the federal securities laws in connection with trading activity in
mutual fund shares. Also on February 24, 2004, the New York Attorney General
("NYAG") filed a civil complaint in New York Supreme Court, County of New York
against Columbia and CFDI alleging that Columbia and CFDI had violated certain
New York anti-fraud statutes. If either Columbia or CFDI is unsuccessful in its
defense of these proceedings, it could be barred from serving as an investment
adviser or distributor for any investment company registered under the
Investment Company Act of 1940, as amended (a "registered investment company").
Such results could prevent Columbia, CFDI or any company that is an affiliated
person of Columbia and CFDI from serving as an investment adviser or distributor
for any registered investment company, including your fund. Your fund has been
informed by Columbia and CFDI that, if these results occur, they will seek
exemptive relief from the SEC to permit them to continue to serve as your fund's
investment adviser and distributor. There is no assurance that such exemptive
relief will be granted. On March 15,
16

2004, Columbia and CFDI entered into agreements in principle with the SEC
Division of Enforcement and NYAG in settlement of the charges. Under the
agreements, Columbia and CFDI agreed, inter alia, to the following conditions:
payment of $70 million in disgorgement; payment of $70 million in civil
penalties; an order requiring Columbia and CFDI to cease and desist from
violations of the antifraud provisions and other provisions of the federal
securities laws; governance changes designed to maintain the independence of the
mutual fund boards of trustees and ensure compliance with securities laws and
their fiduciary duties; and retention of an independent consultant to review
Columbia's and CFDI's compliance policies and procedures. The agreement requires
the final approval of the SEC. In a separate agreement with the NYAG, Columbia
and certain of its affiliates have agreed to reduce mutual fund fees by $80
million over a five-year period.

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
mutual fund shares, which could increase transaction costs or operating
expenses, or have other adverse consequences for the Funds.

OTHER BUSINESS

The Meeting has been called to transact any business that properly comes before
it. The only business that management of the Funds intends to present or knows
that others will present is the election of Trustees. If any other matters
properly come before the Meeting, and on all matters incidental to the conduct
of the Meeting, the persons named as proxies intend to vote the proxies in
accordance with their judgment, unless the Secretary of the Funds has previously
received written contrary instructions from the shareholder entitled to vote the
shares.

OUTSTANDING SHARES AND SIGNIFICANT SHAREHOLDERS

All shareholders of record at the close of business on March 10, 2004, are
entitled to one vote for each share held on that date and holders of Common
Shares are entitled to fractional votes for any fractional shares held on that
date. The table in Appendix D lists for each Fund the total number of shares
outstanding as of the close of business on March 10, 2004, for each class of a
Fund's shares entitled to vote at the Meeting.

The table in Appendix E lists the holders of more than five percent of any class
of shares of each Fund as of the close of business on March 10, 2004, based on
filings made by such holders pursuant to Sections 13(d) and 16(a) of the
Securities Exchange Act of 1934, as amended. The Trustees
17

and officers of each Fund, in the aggregate, owned less than 1% of each Fund's
outstanding shares as of March 10, 2004.

INFORMATION ABOUT THE MEETING AND THE VOTING AND TABULATION OF PROXIES

All proxies solicited by or on behalf of the Board that are properly executed
and returned in time to be voted at the Meeting will be voted at the Meeting as
instructed on the proxy. If no instructions are given, the proxy will be voted
in favor of the nominees for election as Trustees.

Any proxy may be revoked at any time prior to its being exercised by written
notification received by the Funds' Secretary, by the execution of a later-
dated proxy, or by attending the Meeting and voting in person.

Votes cast in person or by proxy at the Meeting will be counted by persons
appointed by the Funds as tellers for the Meeting (the "Tellers"). For each of
CCAIMF, CIMF, CNYIMF and CMIT, 30% of the shares of the Fund outstanding on the
record date and entitled to vote, present at the Meeting in person or
represented by proxy, constitutes a quorum for the transaction of business by
the shareholders of that Fund. For each of CHIMT, CIGMT, CIHIF and CIITI, a
majority of the shares of the Fund outstanding on the record date and entitled
to vote, present at the Meeting in person or represented by proxy, constitutes a
quorum for the transaction of business by the shareholders of that Fund.

The election of Trustees is by a plurality of votes cast at the Meeting. Only
shareholders of record on March 10, 2004, may vote.

In determining whether a quorum is present, the Tellers will count shares
represented by proxies that reflect abstentions, and "broker non-votes," as
shares that are present and entitled to vote. With respect to the election of
Trustees, withheld authority, abstentions and broker non-votes have no effect on
the outcome of voting. "Broker non-votes" are shares held by brokers or nominees
as to which (i) the broker or nominee does not have discretionary voting power,
and (ii) the broker or nominee has not received instructions from the beneficial
owner or other person who is entitled to instruct how the shares will be voted.

ADJOURNMENTS

In the event that a quorum is present at the Meeting but sufficient votes to
approve any of the proposals have not been received, the persons named as
proxies may propose one or more adjournments of the Meeting to permit further
solicitation of proxies. A shareholder vote may be taken on one or
18

more of the proposals referred to above prior to such adjournment if sufficient
votes have been received and it is otherwise appropriate. Any such adjournment
will require the affirmative vote of a majority of those shares present at the
Meeting (including abstentions and broker non-votes) in person or by proxy. If a
quorum is present, the persons named as proxies will vote those proxies that
entitle them to vote for any such proposal in favor of such adjournment and will
vote those proxies that require them to vote for rejection of any such proposal
against any such adjournment.

SUBMISSION OF PROPOSALS FROM SHAREHOLDERS AT FUTURE MEETINGS

Under the proxy rules of the SEC, shareholder proposals that meet tests
contained in those rules may, under certain conditions, be included in a Fund's
proxy materials for an annual shareholders' meeting. Under the proxy rules,
proposals submitted for inclusion in the proxy materials for the 2005 Annual
Meeting must be received by the relevant Fund on or before December 23, 2004.
The fact that a Fund receives a shareholder proposal in a timely manner does not
ensure inclusion of the proposal in the proxy materials since there are other
requirements in the proxy rules relating to such inclusion.

Shareholders who wish to make a proposal at the 2005 Annual Meeting that will
not be included in the Funds' proxy materials must notify the relevant Fund on
or before March 8, 2005. If a shareholder who wishes to submit a proposal fails
to timely notify the relevant Fund, the proxies solicited for the meeting will
have discretionary authority to vote on the shareholder's proposal if it is
properly brought before the meeting. If a shareholder makes a timely
notification, the proxies may still exercise discretionary voting authority
under circumstances consistent with the SEC's proxy rules.

You may submit shareholder proposals c/o the Secretary of the Funds, One
Financial Center, Boston, Massachusetts 02111-2621.

SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the Securities Exchange Act of 1934, as amended, requires the
Funds' Trustees and officers, persons who own more than ten percent of a Fund's
outstanding shares and certain officers and directors of the Fund's adviser
(collectively, "Section 16 reporting persons"), to file with the SEC initial
reports of beneficial ownership and reports of changes in beneficial ownership
of Fund shares. Section 16 reporting persons are required by SEC regulations to
furnish the Funds with copies of all Section 16(a) forms that they file. To the
Funds' knowledge, based solely on a review of the copies of such reports
furnished to the Funds, and on representations made,
19

all Section 16 reporting persons complied with all Section 16(a) filing
requirements applicable to them except Patrick J. Simpson (no holdings) and
Richard L. Woolworth (no holdings).

OTHER INFORMATION

EACH FUND HAS PREVIOUSLY SENT ITS MOST RECENT ANNUAL REPORT TO ITS SHAREHOLDERS.
YOU MAY OBTAIN A COPY OF THE REPORT, FREE OF CHARGE, BY WRITING TO COLUMBIA AT
ONE FINANCIAL CENTER, BOSTON, MASSACHUSETTS 02111-2621, OR BY CALLING
1-800-426-3750.

APPENDIX A -- TRUSTEE AND OFFICER INFORMATION

The names and ages of the Trustees and executive officers of the Funds, the year
each was first elected or appointed to office, their principal business
occupations during at least the last five years, the number of portfolios in the
Fund Complex overseen by each Trustee and other directorships that each Trustee
holds are shown below. The address of each Trustee and officer is One Financial
Center, Boston, MA 02111-2621.

TRUSTEES

NUMBER OF
PORTFOLIOS IN
FUND
YEAR FIRST ELECTED COMPLEX
POSITION OR APPOINTED TO PRINCIPAL OCCUPATION(S) OVERSEEN
NAME/AGE AND ADDRESS WITH FUNDS OFFICE(1) DURING PAST FIVE YEARS BY TRUSTEE
------------------------ ----------- ------------------ ------------------------------ -------------

DISINTERESTED TRUSTEES
Douglas A. Hacker Trustee CHIMT -- 2000 Executive Vice 119
(Age 48) CIGMT -- 2000 President-Strategy of United
CIITI -- 2000 Airlines (airline) since
CCAIMF -- 2000 December, 2002 (formerly
CIMF -- 2000 President of UAL Loyalty
CNYIMF -- 2000 Services (airline) from
CMIT -- 2000 September, 2001 to December,
CIHIF -- 2000 2002; Executive Vice President
and Chief Financial Officer of
United Airlines from March,
1993 to September, 2001;
Senior Vice President and
Chief Financial Officer of
UAL, Inc. prior thereto).

NAME/AGE AND ADDRESS OTHER DIRECTORSHIPS HELD
------------------------ -------------------------------

DISINTERESTED TRUSTEES
Douglas A. Hacker None
(Age 48)

Janet Langford Kelly Trustee CHIMT -- 2000 Executive Vice President- 119
(Age 46) CIGMT -- 2000 Corporate Development and
CIITI -- 2000 Administration, General
CCAIMF -- 2000 Counsel and Secretary, Kellogg
CIMF -- 2000 Company (food manufacturer)
CNYIMF -- 2000 since September, 1999; Senior
CMIT -- 2000 Vice President, Secretary and
CIHIF -- 2000 General Counsel, Sara Lee
Corporation (branded,
packaged, consumer-products
manufacturer) from January,
1995 to September, 1999.
Richard W. Lowry(2) Trustee CHIMT -- 1995 Private Investor since August, 121
(Age 68) CIGMT -- 1995 1987 (formerly Chairman and
CIITI -- 1995 Chief Executive Officer, U.S.
CCAIMF -- 1999 Plywood Corporation (building
CIMF -- 1999 products manufacturer)).
CNYIMF -- 1999
CMIT -- 1995
CIHIF -- 1995

NAME/AGE AND ADDRESS OTHER DIRECTORSHIPS HELD
------------------------ -------------------------------

Janet Langford Kelly None
(Age 46)
Richard W. Lowry(2) None
(Age 68)

Charles R. Nelson Trustee CHIMT -- 2000 Professor of Economics, 119
(Age 61) CIGMT -- 2000 University of Washington,
CIITI -- 2000 since January, 1976; Ford and
CCAIMF -- 2000 Louisa Van Voorhis Professor
CIMF -- 2000 of Political Economy,
CNYIMF -- 2000 University of Washington,
CMIT -- 2000 since September, 1993;
CIHIF -- 2000 Director, Institute for
Economic Research, University
of Washington, since
September, 2001; Adjunct
Professor of Statistics,
University of Washington,
since September, 1980;
Associate Editor, Journal of
Money Credit and Banking,
since September, 1993; Trustee
of the Columbia Funds since
July, 2002; consultant on
econometric and statistical
matters.
John J. Neuhauser(2)(3) Trustee CHIMT -- 1985 Academic Vice President and 122
(Age 61) CIGMT -- 1985 Dean of Faculties since
CIITI -- 1989 August, 1999, Boston College
CCAIMF -- 1999 (formerly Dean, Boston College
CIMF -- 1999 School of Management from
CNYIMF -- 1999 September, 1977 to September,
CMIT -- 1985 1999).
CIHIF -- 1985

NAME/AGE AND ADDRESS OTHER DIRECTORSHIPS HELD
------------------------ -------------------------------

Charles R. Nelson None
(Age 61)
John J. Neuhauser(2)(3) Saucony, Inc. (athletic
(Age 61) footwear); SkillSoft Corp.
(e-Learning).

Thomas E. Stitzel Trustee CHIMT -- 1998 Business Consultant since 1999 119
(Age 68) CIGMT -- 1998 (formerly Professor of Finance
CIITI -- 1998 from 1975 to 1999 and Dean
CCAIMF -- 1999 from 1977 to 1991, College of
CIMF -- 1999 Business, Boise State
CNYIMF -- 1999 University); Chartered
CMIT -- 1998 Financial Analyst.
CIHIF -- 1998
Thomas C. Theobald(4) Trustee CHIMT -- 2000 Managing Director, William 119
(Age 67) CIGMT -- 2000 Blair Capital Partners
CIITI -- 2000 (private equity investing)
CCAIMF -- 2000 since September, 1994
CIMF -- 2000 (formerly Chief Executive
CNYIMF -- 2000 Officer and Chairman of the
CMIT -- 2000 Board of Directors,
CIHIF -- 2000 Continental Bank Corporation).
Anne-Lee Verville(3) Trustee CHIMT -- 1998 Author and speaker on 120
(Age 58) CIGMT -- 1998 educational systems needs
CIITI -- 1998 (formerly General Manager,
CCAIMF -- 1999 Global Education Industry from
CIMF -- 1999 1994 to 1997, and President,
CNYIMF -- 1999 Applications Solutions
CMIT -- 1998 Division from 1991 to 1994,
CIHIF -- 1998 IBM Corporation (global
education and global
applications)).

NAME/AGE AND ADDRESS OTHER DIRECTORSHIPS HELD
------------------------ -------------------------------

Thomas E. Stitzel None
(Age 68)
Thomas C. Theobald(4) Anixter International (network
(Age 67) support equipment distributor);
Ventas Inc. (real estate
investment trust); Jones Lang
LaSalle (real estate management
services) and MONY Group (life
insurance).
Anne-Lee Verville(3) Chairman of the Board of
(Age 58) Directors, Enesco Group, Inc.
(designer, importer and
distributor of giftware and
collectibles).

Patrick J. Simpson Trustee CHIMT -- 2003 Partner, Perkins Cole, L.L.P. 119
(Age 60) CIGMT -- 2003 (law firm) 1988-present.
CIITI -- 2003
CCAIMF -- 2003
CIMF -- 2003
CNYIMF -- 2003
CMIT -- 2003
CIHIF -- 2003
Richard L. Woolworth Trustee CHIMT -- 2003 Retired since December, 2003 119
(Age 63) CIGMT -- 2003 (formerly Chairman and Chief
CIITI -- 2003 Executive Officer, The Regence
CCAIMF -- 2003 Group (regional health
CIMF -- 2003 insurer) 1971-2003; Chairman
CNYIMF -- 2003 and Chief Executive Officer,
CMIT -- 2003 Blue Cross and Blue Shield of
CIHIF -- 2003 Oregon 1971-2003; Certified
Public Accountant, Arthur
Young & Company 1963-1971).
INTERESTED TRUSTEES
William E. Mayer(2)(5) Trustee CHIMT -- 1994 Managing Partner, Park Avenue 121
(Age 64) CIGMT -- 1994 Equity Partners (private
CIITI -- 1994 equity fund) since February,
CCAIMF -- 1999 1999 (formerly Founding
CIMF -- 1999 Partner, Development Capital
CNYIMF -- 1999 LLC from November, 1996 to
CMIT -- 1994 February, 1999; Dean and
CIHIF -- 1994 Professor, College of Business
and Management, University of
Maryland from October, 1992 to
November, 1996).

NAME/AGE AND ADDRESS OTHER DIRECTORSHIPS HELD
------------------------ -------------------------------

Patrick J. Simpson None
(Age 60)
Richard L. Woolworth NW Natural (a natural gas
(Age 63) service provider).
INTERESTED TRUSTEES
William E. Mayer(2)(5) Lee Enterprises (print media);
(Age 64) WR Hambrecht + Co. (financial
service provider); First Health
(healthcare); Systech Retail
Systems (retail industry
technology provider); Readers
Digest (publisher).

(1) In December, 2000, the boards of each of the former Liberty Funds and former
Stein Roe Funds were combined into one board of trustees responsible for the
oversight of both fund groups consisting of 88 investment companies
(collectively, the "Liberty Board"). On October 8, 2003, the trustees on the
Liberty Board were elected to the boards of the Columbia Funds, consisting
of 15 investment companies (the "Columbia Board"), and of the CMG Fund Trust
consisting of 20 investment companies (the "CMG Funds Board"). Simultaneous
with that election, Patrick J. Simpson and Richard L. Woolworth, who had
been directors on the Columbia Board and trustees on the CMG Funds Board,
were elected to serve as trustees of the Liberty Board and as trustees of
each of the Funds. Also on October 8, 2003, each of the Funds' incumbent
trustees were elected as directors of the 15 Columbia Funds and as trustees
of the 20 Funds in the CMG Fund Trust.

(2) Messrs. Lowry, Neuhauser and Mayer each also serve as a director/trustee of
the All-Star Funds, currently consisting of 2 investment companies, which
are advised by an affiliate of the Adviser.

(3) Mr. Neuhauser and Ms. Verville also serve as disinterested directors of
Columbia Management Multi-Strategy Hedge Fund, LLC, which is advised by the
Adviser.

(4) Mr. Theobald was appointed as Chairman of the Board effective December 10,
2003.

(5) Mr. Mayer is an "interested person" (as defined in the Investment Company
Act of 1940, as amended) of the Fund by reason of his affiliation with WR
Hambrecht + Co.

YEAR FIRST ELECTED
POSITION WITH OR APPOINTED TO
NAME/AGE AND ADDRESS FUNDS OFFICE PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
------------------------ ------------- ------------------ ------------------------------------------------------------

Vicki L. Benjamin Chief CHIMT -- 2001 Controller of the Liberty Funds (88 investment companies)
(Age 42) Accounting CIGMT -- 2001 and Liberty All-Star Funds (2 investment companies) since
Officer since CIITI -- 2001 June, 2002; Chief Accounting Officer of the Liberty Funds
June 20, CCAIMF -- 2001 and Liberty All-Star Funds since June, 2001; Controller and
2001; CIMF -- 2001 Chief Accounting Officer of the Galaxy Funds (15 investment
Controller CNYIMF -- 2001 companies) since September, 2002 (formerly Vice President,
since May 8, CMIT -- 2001 Corporate Audit, State Street Bank and Trust Company from
2002 CIHIF -- 2000 May, 1998 to April, 2001, Audit Manager from July, 1994 to
June, 1997 and Senior Audit Manager from July, 1997 to May,
1998, Coopers & Lybrand, LLP).
J. Kevin Connaughton President CHIMT -- 2000 President and Treasurer of the Columbia Funds (15 investment
(Age 39) since CIGMT -- 2000 companies), Liberty Funds (88 investment companies) and
February 27, CIITI -- 2000 Liberty All-Star Funds (2 investment companies) since
2004; CCAIMF -- 2000 February 2004 and December, 2000, respectively; Chief
Treasurer CIMF -- 2000 Financial Officer of the Columbia Funds since January, 2003
since CNYIMF -- 2000 (formerly Controller of the Columbia Funds, Liberty Funds
December 14, CMIT -- 2000 and of the Liberty All-Star Funds from February, 1998 to
2000 CIHIF -- 2000 October, 2000); Treasurer of the Stein Roe Funds (13
investment companies) since February, 2001 (formerly
Controller from May, 2000 to February, 2001); Treasurer of
the Galaxy Funds (15 investment companies) since September,
2002 (formerly Vice President from April, 2000 to January,
2001); Treasurer of the Columbia Management Multi-Strategy
Hedge Fund, LLC since December, 2002; Vice President of
Columbia Management Advisors, Inc. since April, 2003
(formerly Vice President of Colonial from February, 1998 to
October, 2000; Senior Tax Manager, Coopers & Lybrand, LLP
from April, 1996 to January, 1998).
David A. Rozenson Secretary CHIMT -- 2003 Secretary of the Columbia Funds (15 investment companies),
(Age 49) since CIGMT -- 2003 Liberty Funds (88 investment companies), and of Liberty
December 10, CIITI -- 2003 All-Star Funds (2 investment companies) since December,
2003 CCAIMF -- 2003 2003; Senior Counsel, Bank of America Corporation (formerly
CIMF -- 2003 Fleet Boston Financial Corporation) since January, 1996;
CNYIMF -- 2003 Associate General Counsel, Columbia Management Group since
CMIT -- 2003 November, 2002.
CIHIF -- 2003

APPENDIX B.1 -- TRUSTEES' COMPENSATION

For the calendar year ended December 31, 2003, the Trustees received the
following compensation for serving as Trustees:

TOTAL COMPENSATION FROM THE
FUND COMPLEX PAID TO THE
PENSION OR RETIREMENT TRUSTEES FOR THE
BENEFITS ACCRUED AS PART CALENDAR YEAR ENDED
DISINTERESTED TRUSTEES OF FUND EXPENSES(1) DECEMBER 31, 2003
---------------------- ------------------------ ---------------------------

Douglas A. Hacker N/A $115,500
Janet Langford Kelly N/A $101,500
Richard W. Lowry N/A $128,150
Salvatore Macera(2) N/A $ 56,500
Charles R. Nelson N/A $155,073
John J. Neuhauser N/A $143,568
Patrick J. Simpson(3) N/A $ 64,234
Thomas E. Stitzel N/A $103,500
Thomas C. Theobald(4) N/A $110,250
Anne-Lee Verville(4) N/A $128,250
Richard L. Woolworth(3) N/A $ 64,234
INTERESTED TRUSTEE
-----------------------
William E. Mayer N/A $133,150

(1) The Funds do not currently provide pension or retirement plan benefits to
the Trustees.

(2) Mr. Macera retired as a Trustee from the Board of Trustees effective June
18, 2003.

(3) Messrs. Simpson and Woolworth were elected to the Board of each Fund on
October 8, 2003.

(4) During the calendar year ended December 31, 2003, Ms. Verville deferred
$53,250 of her total compensation pursuant to the deferred compensation plan
and Mr. Theobald deferred $50,750 of his total compensation pursuant to the
deferred compensation plan.

APPENDIX B.2 -- TRUSTEES' COMPENSATION

For the fiscal year ended November 30, 2003 (October 31, 2003 for CIHIF), the
Trustees received from each Fund the following compensation for serving as
Trustees:

AGGREGATE AGGREGATE AGGREGATE AGGREGATE AGGREGATE AGGREGATE
COMPENSATION COMPENSATION COMPENSATION COMPENSATION COMPENSATION COMPENSATION
FROM CHIMT FROM CIGMT FROM CIITI FROM CCAIMF FROM CIMF FROM CNYIMF
FOR THE FISCAL FOR THE FISCAL FOR THE FISCAL FOR THE FISCAL FOR THE FISCAL FOR THE FISCAL
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DISINTERESTED TRUSTEE 11/30/03 11/30/03 11/30/03 11/30/03 11/30/03 11/30/03
--------------------- -------------- -------------- -------------- -------------- -------------- --------------

Douglas A. Hacker $1,381 $1,012 $1,018 $674 $765 $432
Janet Langford Kelly 1,249 912 919 606 690 423
Richard W. Lowry 1,274 928 935 615 596 424
Salvatore Macera(a) 874 626 626 396 455 226
Charles R. Nelson 1,378 1,007 1,014 669 759 474
John J. Neuhauser 1,428 1,048 1,054 699 792 502
Patrick J. Simpson(b) 0 0 0 0 0 0
Thomas E. Stitzel 1,249 912 919 606 690 423
Thomas C. Theobald(c) 1,330 974 980 649 738 455
Anne-Lee Verville(d) 1,520 1,113 1,119 740 839 532
Richard L. Woolworth(b) 0 0 0 0 0 0
INTERESTED TRUSTEE
-------------------------
William E. Mayer 1,326 974 974 645 733 452

AGGREGATE AGGREGATE
COMPENSATION COMPENSATION
FROM CMIT FROM CIHIF
FOR THE FISCAL FOR THE FISCAL
YEAR ENDED YEAR ENDED
DISINTERESTED TRUSTEE 11/30/03 10/31/03
--------------------- -------------- --------------

Douglas A. Hacker $878 $657
Janet Langford Kelly 788 589
Richard W. Lowry 797 596
Salvatore Macera(a) 435 384
Charles R. Nelson 870 651
John J. Neuhauser 912 682
Patrick J. Simpson(b) 0 0
Thomas E. Stitzel 682 589
Thomas C. Theobald(c) 739 631
Anne-Lee Verville(d) 867 721
Richard L. Woolworth(b) 0 0
INTERESTED TRUSTEE
-------------------------
William E. Mayer 840 631

(a) Mr. Macera retired as a Trustee from the Board of Trustees effective June
18, 2003.
(b) Messrs. Simpson and Woolworth were elected to the Board of each Fund on
October 8, 2003.
(c) During the fiscal year ended November 30, 2003 (October 31, 2003 for CIHIF),
Mr. Theobald deferred $658 from CHIMT, $474 from CIGMT, $474 from CIITI,
$305 from CCAIMF, $351 from CIMF, $455 from CNYIMF, $560 from CMIT and $294
from CIHIF.
(d) During the fiscal year ended November 30, 2003 (October 31, 2003 for CIHIF),
Ms. Verville deferred $688 from CHIMT, $585 from CIGMT, $496 from CIITI,
$319 from CCAIMF, $586 from CIMF, $206 from CNYIMF, $586 from CMIT and $308
from CIHIF.

APPENDIX C -- TRUSTEE SHARE OWNERSHIP

The following table shows the dollar range of equity securities beneficially
owned by each Trustee as of December 31, 2003 (i) in each of the Funds, and (ii)
in all Funds overseen by the Trustees in the Fund Complex.

DOLLAR RANGE DOLLAR RANGE DOLLAR RANGE DOLLAR RANGE DOLLAR RANGE DOLLAR RANGE DOLLAR RANGE
OF EQUITY OF EQUITY OF EQUITY OF EQUITY OF EQUITY OF EQUITY OF EQUITY
SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES
OWNED IN THE OWNED IN THE OWNED IN THE OWNED IN THE OWNED IN THE OWNED IN THE OWNED IN THE
DISINTERESTED TRUSTEES CCAIMF CHIMT CIMF CIITI CIHIF CIGMT CMIT
---------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------

Douglas A. Hacker....... $0 $0 $0 $0 $0 $0 $0
Janet Langford Kelly.... $0 $0 $0 $0 $0 $0 $0
Richard W. Lowry(a)..... $0 $0 $0 $0 $0 $0 $0
Charles R. Nelson....... $0 $0 $0 $0 $0 $0 $0
John J. Neuhauser(a).... $0 $0 $0 $0 $0 $0 $0
Patrick J. Simpson(b)... $0 $0 $0 $0 $0 $0 $0
Thomas E. Stitzel....... $0 $0 $0 $0 $0 $0 $0
Thomas C. Theobald...... $0 $0 $0 $0 $0 $0 $0
Anne-Lee Verville(c).... $0 $0 $0 $0 $0 $0 $0
Richard L.
Woolworth(b).......... $0 $0 $0 $0 $0 $0 $0
INTERESTED TRUSTEES
William E. Mayer(a)..... $0 $0 $0 $0 $0 $0 $0

DOLLAR RANGE AGGREGATE DOLLAR RANGE
OF EQUITY OF EQUITY SECURITIES IN
SECURITIES ALL FUNDS OVERSEEN BY
OWNED IN THE TRUSTEE IN
DISINTERESTED TRUSTEES CNYIMF FUND COMPLEX
---------------------- ------------ -----------------------

Douglas A. Hacker....... $0 Over $100,000
Janet Langford Kelly.... $0 Over $100,000
Richard W. Lowry(a)..... $0 Over $100,000
Charles R. Nelson....... $0 Over $100,000
John J. Neuhauser(a).... $0 Over $100,000
Patrick J. Simpson(b)... $0 $50,001-$100,000
Thomas E. Stitzel....... $0 $50,001-$100,000
Thomas C. Theobald...... $0 Over $100,000
Anne-Lee Verville(c).... $0 Over $100,000
Richard L.
Woolworth(b).......... $0 Over $100,000
INTERESTED TRUSTEES
William E. Mayer(a)..... $0 $50,001-$100,000

(a) Messrs. Lowry, Mayer and Neuhauser also serves as Trustees/Directors of the
All-Star Funds.

(b) Messrs. Simpson and Woolworth were elected to the Board of each Fund on
October 8, 2003.

TRUSTEE POSITIONS

As of December 31, 2003, no disinterested Trustee or any of his or her immediate
family members owned beneficially or of record any class of securities of
FleetBoston Financial, Columbia Management Advisers, Inc., another investment
adviser, sub-adviser or portfolio manager of any of the Funds in the Fund
Complex, or any person controlling, controlled by or under common control with
any such entity.

APPENDIX D -- SHARES OUTSTANDING AND ENTITLED TO VOTE

As of the close of business on March 10, 2004, the Funds had outstanding and
entitled to vote at the Meeting the following shares of beneficial interest:

FUND COMMON SHARES PREFERRED SHARES
---- --------------- ----------------

CCAIMF 2,780,442.1183 978
CHIMT 31,125,991.0000 4,800
CIMF 4,249,262.6670 1,492
CIITI 11,009,000.0000 N/A
CIHIF 20,986,677.6760 N/A
CIGMT 11,509,000.0000 2,400
CMIT 27,698,884.9820 3,600
CNYIMF 1,613,723.6670 564

APPENDIX E -- OWNERSHIP OF SHARES

As of the close of business on March 10, 2004, the following persons were known
to own beneficially or of record more than 5% of the outstanding securities of
each of the following Funds:

# OF % OF CLASS
CLASS OF NAME AND ADDRESS SHARES OF SHARES
FUND SHARES OF BENEFICIAL OWNER OWNED OWNED
---- -------- ------------------------- ---------- ----------

CCAIMF Common CEDE & CO Fast Depository 2,681,313 96.00%
Trust Company
55 Water St. 25th Floor
New York, NY 10004
CHIMT Common CEDE & CO Fast Depository 27,734,511 89.00%
Trust Company
55 Water St. 25th Floor
New York, NY 10004
CIMF Common CEDE & CO Fast Depository 4,165,133 98.00%
Trust Company
55 Water St. 25th Floor
New York, NY 10004
CIITI N/A CEDE & CO Fast Depository 9,880,453 90.00%
Trust Company
55 Water St. 25th Floor
New York, NY 10004
CIHIF N/A Cede & CO Fast Depository 19,432,977 92.60%
Trust Company
55 Water St. 25th Floor
New York, NY 10004
CIGMT Common Cede & CO Fast Depository 10,163,106 88.00%
Trust Company
55 Water St. 25th Floor
New York, NY 10004
CMIT Common CEDE & CO Fast Depository 23,698,770 86.00%
Trust Company
55 Water St. 25th Floor
New York, NY 10004
CNYIMF Common CEDE & CO Fast Depository 1,593,932 99.00%
Trust Company
55 Water St. 25th Floor
New York, NY 10004

APPENDIX F -- AUDIT COMMITTEE CHARTER

AUDIT COMMITTEE CHARTER
adopted on February 10, 2004

I. PURPOSE

This Charter has been adopted by the Audit Committee of the Board of
Directors/Trustees (the "Board") of each investment company in the Columbia
Family of Funds complex. The portfolio(s) of any such investment company
are referred to as the "Fund(s)." The primary function of the Audit
Committee is to assist the Board in fulfilling certain of its
responsibilities. This Charter sets forth the duties and responsibilities
of the Audit Committee.

The Audit Committee serves as an independent and objective party to monitor
the Funds' accounting policies, financial reporting and internal control
system, and the work of the Funds' independent auditors. The Audit
Committee also serves to provide an open avenue of communication among the
independent auditors, the internal accounting staff of the Funds'
investment adviser (the "Adviser") and the Board.

- Management has the primary responsibility to establish and maintain
systems for accounting, reporting and internal controls, which functions
may be delegated to an accounting service agent, provided management
provides adequate oversight.

- The independent auditors have the primary responsibility to plan and
implement proper audits, with proper consideration given to internal
controls, of the Funds' accounting and reporting practices.

The Audit Committee shall assist Board oversight of (1) the integrity of
the Funds' financial statements, (2) the Funds' compliance with legal and
regulatory requirements, (3) the independent auditors' qualifications and
independence, and (4) the performance of the

Adviser's internal audit function and independent auditors. The Audit
Committee may have additional functions and responsibility as deemed
appropriate by the Board and the Audit Committee.

Although the Audit Committee has the responsibilities and powers set forth
in this Charter, it is not the duty of the Audit Committee to plan or
conduct audits nor to determine that the Funds' financial statements are
complete or accurate or have been prepared in accordance with generally
accepted accounting principles. That is the responsibility of management
and the independent auditors. Nor is it the duty of the Audit Committee to
conduct investigations or to assure compliance with laws, regulations or
any code of ethics approved or adopted by the Board.

II. COMPOSITION

The Audit Committee shall be comprised of three or more independent Board
members. For purposes of this Charter, a Board member shall be deemed to be
independent if he or she (1) is not an "interested person" of the Funds, as
that term is defined in the Investment Company Act of 1940, (2) has not
accepted, directly or indirectly, any consulting, advisory or other
compensatory fee from the Funds except for services as a Board member, (3)
is free from any relationship that, in the opinion of the Board, would
interfere with the exercise of his or her independent judgment as a member
of the Audit Committee, and (4) in the case of a Fund whose shares are
listed on the New York Stock Exchange, Inc. (the "NYSE") or another stock
exchange, meets the independence requirements set forth in NYSE Rule
303.01(B)(3) or the applicable rule of such exchange.

Each member of the Audit Committee shall be financially literate, or shall
become so within a reasonable period of time after his or her appointment
to the Audit Committee. At least one member shall have accounting or
related financial management expertise.

The members of the Audit Committee shall be appointed by the Board and
shall serve at the pleasure of the Board. Unless a Chair is appointed by
the Board, the members of the Audit Committee may designate a Chair by
majority vote.

III. MEETINGS

The Audit Committee shall meet as frequently and at such times as
circumstances dictate. Special meetings (including telephonic meetings) may
be called by the Chair or a majority of the members of

the Audit Committee upon reasonable notice to the other members of the
Audit Committee.

IV. RESPONSIBILITIES AND DUTIES

To fulfill its responsibilities and duties, the Audit Committee shall:

A. CHARTER. Review this Charter annually and recommend any proposed
changes to the Board.

B. INTERNAL CONTROLS.

1. Review annually with management and the independent auditors their
separate evaluations of the adequacy and effectiveness of the
Funds' system of internal controls.

2. Review with management and the independent auditors:

a. any significant audit findings related to the Funds'
systems for accounting, reporting and internal controls;
and

b. any recommendations for the improvement of internal control
procedures or particular areas where new or more detailed
controls or procedures are desirable.

C. INDEPENDENT AUDITORS.

1. SELECTION AND OVERSIGHT. Be directly responsible for the
appointment, compensation, retention and oversight of the work of
the independent auditors (including resolution of disagreements
between management and the independent auditors regarding financial
reporting) for the purpose of preparing or issuing an audit report
or performing other audit, review or attest services for the Funds.
Any such engagement shall be pursuant to a written engagement
letter approved by the Audit Committee. The independent auditors
shall report directly to the Audit Committee.

2. PRE-APPROVAL OF NON-AUDIT SERVICES TO THE FUNDS. Except as
provided below, pre-approve any engagement of the Funds'
independent auditors to provide any services to the Funds (other
than the "prohibited non-audit services" specified below),
including the fees and other compensation to be paid for such
services, unless the engagement to render such services is entered
into pursuant to pre-approval policies and procedures established
by the Audit Committee that are detailed as to the particular
service (provided the Audit

Committee is informed of each such service).(1) The Audit Committee
may designate from time to time one or more of its members acting
singly or together, as the Audit Committee may designate, to
pre-approve such services on behalf of the Audit Committee. Unless
and until the Audit Committee designates otherwise, the Chair of
the Audit Committee may grant such pre-approval. Any such delegated
pre-approval shall be reported to the Audit Committee by the member
or members exercising such delegated authority at the next meeting
of the Audit Committee.

The independent auditors shall not perform any of the following
non-audit services for any Fund ("prohibited non-audit services"):

a. Bookkeeping or other services related to the accounting
records or financial statements of the Fund;

b. Financial information systems design and implementation;

c. Appraisal or valuation services, fairness opinions or
contribution-in-kind reports;

d. Actuarial services;

e. Internal audit outsourcing services;

f. Management functions or human resources;

g. Broker or dealer, investment adviser or investment banking
services;

h. Legal services or expert services unrelated to the audit;
and

------------------------------
(1) Pre-approval of non-audit services to a Fund is not required, if: a. the
services were not recognized by management at the time of the engagement as
non-audit services; b. the aggregate fees for all such non-audit services
provided to the Fund are less than 5% of the total fees paid by the Fund to
its independent auditors during the fiscal year in which the non-audit
services are provided; and c. such services are promptly brought to the
attention of the Audit Committee by management, and the Audit Committee or
its delegate approves them prior to the completion of the audit.
36

i. Any other services that the Public Company Accounting
Oversight Board determines are impermissible.

3. PRE-APPROVAL OF CERTAIN NON-AUDIT SERVICES TO THE ADVISER AND ITS
AFFILIATES. Except as provided below, pre-approve any engagement
of the Funds' independent auditors to provide any services to the
Adviser (not including any subadviser whose role is primarily
portfolio management and is subcontracted or overseen by the
Adviser) or any entity controlling, controlled by or under common
control with the Adviser that provides ongoing services to the
Funds if the engagement relates directly to the operations or
financial reporting of the Funds, including the fees and other
compensation to be paid to the independent auditors.(1) The Audit
Committee may designate from time to time one or more of its
members acting singly or together, as the Audit Committee may
designate, to pre-approve such services on behalf of the Audit
Committee. Unless and until the Audit Committee designates
otherwise, the Chair of the Audit Committee may grant such
pre-approval. Any such delegated pre-approval shall be reported to
the Audit Committee by the member or members exercising such
delegated authority at the next meeting of the Audit Committee.

4. AUDITOR INDEPENDENCE. On an annual basis, request, receive in
writing and review the independent auditors' specific
representations as to their independence, including identification
of all significant relationships the auditors have

------------------------------
(1) Pre-approval of such non-audit services to the Adviser or an affiliate of
the Adviser is not required, if: a. the services were not recognized by
management at the time of the engagement as non-audit services; b. the
aggregate fees for all such non-audit services provided to the Adviser and
all entities controlling, controlled by or under common control with the
Adviser are less than 5% of the total fees for non-audit services requiring
pre-approval under Section IVC2 or 3 of this Charter paid by the Funds, the
Adviser and all such other entities to its independent auditors during the
fiscal year in which the non-audit services are provided; and c. such
services are promptly brought to the attention of the Audit Committee by
management and the Audit Committee or its delegate approves them prior to
the completion of the audit.
37

with the Funds, management, any affiliates and any material service provider
to the Funds and recommend that the Board take appropriate action, if any,
in response to the independent auditors' report to satisfy itself as to the
independent auditors' independence.

5. AUDIT SCOPE. On an annual basis, meet with the independent
auditors and management to review the arrangements for and scope of
the proposed audits for the current year and the audit procedures
to be utilized.

6. AUDIT RESULTS. On an annual basis at the conclusion of the audit,
meet with the independent auditors and management to review the
audit results, including any comments or recommendations of the
independent auditors or management regarding their assessment of
significant risks or exposures and the steps taken by management to
minimize such risks to the Funds, any audit problems or
difficulties and management's response, and any deviations from the
proposed scope of the audit previously presented to the Audit
Committee.

7. MANAGEMENT LETTER. Review any management letter prepared by the
independent auditors and management's response to any such letter.

8. AUDITOR REPORT. On an annual basis, obtain and review a report by
the independent auditors describing the independent auditors'
internal quality-control procedures and any material issues raised
by the independent auditors' most recent internal quality-control
review or peer review, or by any inquiry or investigation by
governmental or professional authorities, within the preceding five
years, respecting one or more independent audits carried out by the
independent auditors, and any steps taken to deal with any such
issues.

D. FINANCIAL REPORTING PROCESSES.

Meet separately and periodically with management and the independent
auditors, and, if the Audit Committee so desires, with internal auditors
(or other personnel responsible for the internal audit function), and
review the matters that the auditors believe should be communicated to
the Committee in accordance with auditing professional standards.

E. CLOSED-END FUNDS. With respect to any closed-end Fund:

1. FINANCIAL STATEMENTS. Review with management and the independent
auditors the Fund's audited annual financial statements and
quarterly unaudited financial statements, including any discussion
or analysis of the Fund's financial condition and results of
operations, and, recommend to the Board, if appropriate, that the
audited financial statements be included in the Fund's annual
report to shareholders required by Section 30(e) of the Investment
Company Act of 1940 and Rule 30d-1 thereunder.

2. PRESS RELEASES. Discuss press releases issued by the Fund to the
extent they are related to financial information of the Fund.

3. AUDIT COMMITTEE REPORT. Prepare an audit committee report as
required by the Securities and Exchange Commission to be included
in the annual proxy statement.

F. AUTHORITY.

1. INFORMATION. Have direct access to management and personnel
responsible for the Funds' accounting and financial reporting and
for the Funds' internal controls, as well as to the independent
auditors and the Funds' other service providers.

2. INVESTIGATION. Have the authority to investigate any matter
brought to its attention within the scope of its duties and, in its
discretion, to engage independent legal counsel and other advisers,
as it determines necessary to carry out its duties. The Audit
Committee may request any officer or employee of the Adviser, the
Funds' independent auditors, or outside counsel to attend any
meeting of the Audit Committee or to meet with any member of, or
consultants to, the Audit Committee.

3. FUNDING. Be provided with appropriate funding by the Funds, as
determined by the Audit Committee, for the payment of (a)
compensation to any independent auditors engaged for the purpose of
preparing or issuing an audit report or performing other audit,
review or attest services for the Funds, (b) compensation to any
advisers employed by the Audit Committee, and (c) ordinary
administrative

expenses of the Audit Committee that are necessary or appropriate
in carrying out its duties.

4. CODE OF ETHICS. Have the authority to review any violations under
the Columbia Management Group Family of Funds Code of Ethics for
Principal Executive and Senior Financial Officers brought to its
attention by the Chief Legal Officer and review any waivers sought
by a covered officer under that code.

G. OTHER RESPONSIBILITIES.

1. REPORT TO THE BOARD. Report regularly its significant activities
to the Board and make such recommendations with respect to any
matters herein as the Audit Committee may deem necessary or
appropriate.

2. WHISTLEBLOWER PROCEDURES. Establish procedures for the receipt,
retention and treatment of complaints received by the Funds or the
Adviser regarding accounting, internal accounting controls or audit
matters, and for the confidential, anonymous submission by any
employee of the Funds, the Adviser or its affiliates of concerns
regarding questionable accounting or auditing matters.

3. RISK POLICIES. Discuss policies with respect to risk assessment
and risk management.

4. HIRING POLICIES. If any Fund proposes to employ any current or
former employee of the independent auditors, set clear policies for
hiring any such person.

5. NECESSARY ACTIVITIES. Perform any other activities consistent with
this Charter, the Funds' governing documents and governing law as
the Audit Committee or the Board deems necessary or appropriate.

6. MINUTES. Maintain minutes of its meetings.

(This Page Intentionally Left Blank)

COLONIAL CALIFORNIA INSURED MUNICIPAL FUND

This Proxy Solicited on Behalf of the Board of Trustees

The undersigned shareholder hereby appoints Heidi A. Hoefler, David S. Rozenson
and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power
of substitution, to vote at the Annual Meeting of Shareholders of Colonial
California Insured Municipal Fund to be held in Boston, Massachusetts, on
Wednesday, May 26, 2004, and at any adjournments, as follows on the reverse side
of this card.

THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN
AND, ABSENT DIRECTION, WILL BE VOTED FOR THE ITEMS ON THE REVERSE SIDE. THIS
PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY
OTHER MATTER.

THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE
REVERSE SIDE.

--------------------------------------------------------------------------------
PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY
IN THE ENCLOSED ENVELOPE
--------------------------------------------------------------------------------

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

------------------------------------- -------------------------------------
------------------------------------- -------------------------------------
------------------------------------- -------------------------------------

COLONIAL CALIFORNIA INSURED MUNICIPAL FUND

MUNICIPAL AUCTION RATE CUMULATIVE PREFERRED SHARES

This Proxy Solicited on Behalf of the Board of Trustees

THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE
REVERSE SIDE.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

[PREFERRED SHARES]

[X] PLEASE MARK VOTES
AS IN THIS EXAMPLE

For All With- For All
COLONIAL CALIFORNIA INSURED MUNICIPAL FUND 1. TO ELECT SEVEN TRUSTEES. Nominees hold Except
(Item 1(d) of Notice)
Mark box at right if an address change or comment has been [ ] [ ] [ ] [ ]
noted on the reverse side of this card (01) DOUGLAS A. HACKER
(02) JOHN J. NEUHAUSER
(03) PATRICK J. SIMPSON
(04) THOMAS E. STITZEL
(05) THOMAS C. THEOBALD
(06) ANNE-LEE VERVILLE
(07) RICHARD L. WOOLWORTH

Instruction: To withhold authority to vote for any individual
nominee, mark the "For all except" box and strike a line
through the name(s) of the nominee(s). Your shares will
be voted for the remaining nominee(s).

2. IN THEIR DISCRETION, UPON SUCH OTHER
MATTERS AS MAY PROPERLY COME BEFORE
THE MEETING.

Please sign exactly as name(s) appear(s) hereon. Joint owners
should each sign personally. When signing as attorney, executor,
administrator, trustee or guardian, please give full title as
such. If a corporation, please sign in corporate name by President
or other authorized officer. If a partnership, please sign in
partnership name by authorized person.

Please be sure to sign and date this proxy Date ______________

Shareholder sign here ___________________________

Co-owner sign here ______________________________

[COMMON SHARES]

[X] PLEASE MARK VOTES
AS IN THIS EXAMPLE

For All With- For All
COLONIAL CALIFORNIA INSURED MUNICIPAL FUND 1. TO ELECT FIVE TRUSTEES. Nominees hold Except
(Item 1(d) of Notice)
Mark box at right if an address change or comment has been [ ] [ ] [ ] [ ]
noted on the reverse side of this card (01) JOHN J. NEUHAUSER
(02) PATRICK J. SIMPSON
(03) THOMAS C. THEOBALD
(04) ANNE-LEE VERVILLE
(05) RICHARD L. WOOLWORTH

2. IN THEIR DISCRETION, UPON SUCH OTHER
MATTERS AS MAY PROPERLY COME BEFORE
THE MEETING.

Please be sure to sign and date this proxy Date ______________

Shareholder sign here ___________________________

Co-owner sign here ______________________________

COLONIAL INVESTMENT GRADE MUNICIPAL TRUST

This Proxy Solicited on Behalf of the Board of Trustees

The undersigned shareholder hereby appoints Heidi A. Hoefler, David S. Rozenson
and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power
of substitution, to vote at the Annual Meeting of Shareholders of Colonial
Investment Grade Municipal Trust to be held in Boston, Massachusetts, on
Wednesday, May 26, 2004, and at any adjournments, as follows on the reverse side
of this card.

THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE
REVERSE SIDE.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

COLONIAL INVESTMENT GRADE MUNICIPAL TRUST

MUNICIPAL AUCTION RATE CUMULATIVE PREFERRED SHARES

This Proxy Solicited on Behalf of the Board of Trustees

The undersigned shareholder hereby appoints Heidi A. Hoefler, David S. Rozenson
and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power
of substitution, to vote at the Annual Meeting of Shareholders of Colonial
Investment Grade Municipal Trust to be held in Boston, Massachusetts, on
Wednesday, May 26, 2004, and at any adjournments, as follows on the reverse side
of this card.

THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE
REVERSE SIDE.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

[COMMON SHARES]

[X] PLEASE MARK VOTES
AS IN THIS EXAMPLE

For All With- For All
COLONIAL INVESTMENT GRADE MUNICIPAL TRUST 1. TO ELECT FIVE TRUSTEES. Nominees hold Except
(Item 1(b) of Notice)
Mark box at right if an address change or comment has been [ ] [ ] [ ] [ ]
noted on the reverse side of this card (01) WILLIAM E. MAYER
(02) JOHN J. NEUHAUSER
(03) PATRICK J. SIMPSON
(04) THOMAS C. THEOBALD
(05) RICHARD L. WOOLWORTH

2. IN THEIR DISCRETION, UPON SUCH OTHER
MATTERS AS MAY PROPERLY COME BEFORE
THE MEETING.

Please be sure to sign and date this proxy Date ______________

Shareholder sign here ___________________________

Co-owner sign here ______________________________

[PREFERRED SHARES]

[X] PLEASE MARK VOTES
AS IN THIS EXAMPLE

For All With- For All
COLONIAL INVESTMENT GRADE MUNICIPAL TRUST 1. TO ELECT SEVEN TRUSTEES. Nominees hold Except
(Item 1(b)of Notice)
Mark box at right if an address change or comment has been [ ] [ ] [ ] [ ]
noted on the reverse side of this card (01) DOUGLAS A. HACKER
(02) WILLIAM E. MAYER
(03) JOHN J. NEUHAUSER
(04) PATRICK J. SIMPSON
(05) THOMAS E. STITZEL
(06) THOMAS C. THEOBALD
(07) RICHARD L. WOOLWORTH

2. IN THEIR DISCRETION, UPON SUCH OTHER
MATTERS AS MAY PROPERLY COME BEFORE
THE MEETING.

Please be sure to sign and date this proxy Date ______________

Shareholder sign here ___________________________

Co-owner sign here ______________________________

COLONIAL HIGH INCOME MUNICIPAL TRUST

This Proxy Solicited on Behalf of the Board of Trustees

The undersigned shareholder hereby appoints Heidi A. Hoefler, David S. Rozenson
and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power
of substitution, to vote at the Annual Meeting of Shareholders of Colonial High
Income Municipal Trust to be held in Boston, Massachusetts, on Wednesday, May
26, 2004, and at any adjournments, as follows on the reverse side of this card.

THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE
REVERSE SIDE.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

COLONIAL HIGH INCOME MUNICIPAL TRUST

MUNICIPAL AUCTION RATE CUMULATIVE PREFERRED SHARES

This Proxy Solicited on Behalf of the Board of Trustees

The undersigned shareholder hereby appoints Heidi A. Hoefler, David S. Rozenson
and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power
of substitution, to vote at the Annual Meeting of Shareholders of Colonial High
Income Municipal Trust to be held in Boston, Massachusetts, on Wednesday, May
26, 2004, and at any adjournments, as follows on the reverse side of this card.

THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE
REVERSE SIDE.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

COLONIAL HIGH INCOME MUNICIPAL TRUST

MUNICIPAL AUCTION RATE CUMULATIVE PREFERRED SHARES
(Series T Shares and Series W Shares)

This Proxy Solicited on Behalf of the Board of Trustees

The undersigned shareholder hereby appoints Heidi A. Hoefler, David S. Rozenson
and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power
of substitution, to vote at the Annual Meeting of Shareholders of Colonial High
Income Municipal Trust to be held in Boston, Massachusetts, on Wednesday, May
26, 2004, and at any adjournments, as follows on the reverse side of this card.

THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE
REVERSE SIDE.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

[COMMON SHARES]

[X] PLEASE MARK VOTES
AS IN THIS EXAMPLE

For All With- For All
COLONIAL HIGH INCOME MUNICIPAL TRUST 1. TO ELECT FIVE TRUSTEES. Nominees hold Except
(Item 1(a) of Notice)
Mark box at right if an address change or comment has been [ ] [ ] [ ] [ ]
noted on the reverse side of this card
(01) WILLIAM E. MAYER
(02) CHARLES R. NELSON
(03) PATRICK J. SIMPSON
(04) THOMAS C. THEOBALD
(05) RICHARD L. WOOLWORTH

2. IN THEIR DISCRETION, UPON SUCH OTHER
MATTERS AS MAY PROPERLY COME BEFORE
THE MEETING.

Please be sure to sign and date this proxy Date ______________

Shareholder sign here ___________________________

Co-owner sign here ______________________________

[PREFERRED SHARES]

[X] PLEASE MARK VOTES
AS IN THIS EXAMPLE

For All With- For All
COLONIAL HIGH INCOME MUNICIPAL TRUST 1. TO ELECT SEVEN TRUSTEES. Nominees hold Except
(Item 1(a) of Notice)
Mark box at right if an address change or comment has been [ ] [ ] [ ] [ ]
noted on the reverse side of this card (01) DOUGLAS A. HACKER
(02) WILLIAM E. MAYER
(03) CHARLES R. NELSON
(04) PATRICK J. SIMPSON
(05) THOMAS E. STITZEL
(06) THOMAS C. THEOBALD
(07) RICHARD L. WOOLWORTH

2. IN THEIR DISCRETION, UPON SUCH OTHER
MATTERS AS MAY PROPERLY COME BEFORE
THE MEETING.

Please be sure to sign and date this proxy Date ______________

Shareholder sign here ___________________________

Co-owner sign here ______________________________

COLONIAL INTERMEDIATE HIGH INCOME FUND

This Proxy Solicited on Behalf of the Board of Trustees

The undersigned shareholder hereby appoints Heidi A. Hoefler, David S. Rozenson
and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power
of substitution, to vote at the Annual Meeting of Shareholders of Colonial
Intermediate High Income Fund to be held in Boston, Massachusetts, on Wednesday,
May 26, 2004, and at any adjournments, as follows on the reverse side of this
card.

THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE
REVERSE SIDE.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

[X] PLEASE MARK VOTES
AS IN THIS EXAMPLE

For All With- For All
COLONIAL INTERMEDIATE HIGH INCOME FUND 1. TO ELECT FIVE TRUSTEES. Nominees hold Except
(Item 1(h) of Notice)
Mark box at right if an address change or comment has been [ ] [ ] [ ] [ ]
noted on the reverse side of this card (01) PATRICK J. SIMPSON
(02) THOMAS E. STITZEL
(03) THOMAS C. THEOBALD
(04) ANNE-LEE VERVILLE
(05) RICHARD L. WOOLWORTH

2. IN THEIR DISCRETION, UPON SUCH OTHER
MATTERS AS MAY PROPERLY COME BEFORE
THE MEETING.

Please be sure to sign and date this proxy Date ______________

Shareholder sign here ___________________________

Co-owner sign here ______________________________

COLONIAL INTERMARKET INCOME TRUST I

This Proxy Solicited on Behalf of the Board of Trustees

The undersigned shareholder hereby appoints Heidi A. Hoefler, David S. Rozenson
and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power
of substitution, to vote at the Annual Meeting of Shareholders of Colonial
Intermarket Income Trust I to be held in Boston, Massachusetts, on Wednesday,
May 26, 2004, and at any adjournments, as follows on the reverse side of this
card.

THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE
REVERSE SIDE.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

[X] PLEASE MARK VOTES
AS IN THIS EXAMPLE

For All With- For All
COLONIAL INTERMARKET INCOME TRUST I 1. TO ELECT FOUR TRUSTEES. Nominees hold Except
(Item 1(c) of Notice)
Mark box at right if an address change or comment has been [ ] [ ] [ ] [ ]
noted on the reverse side of this card (01) JOHN J. NEUHAUSER
(02) PATRICK J. SIMPSON
(03) THOMAS C. THEOBALD
(04) RICHARD L. WOOLWORTH

2. IN THEIR DISCRETION, UPON SUCH OTHER
MATTERS AS MAY PROPERLY COME BEFORE
THE MEETING.

Please be sure to sign and date this proxy Date ______________

Shareholder sign here ___________________________

Co-owner sign here ______________________________

COLONIAL INSURED MUNICIPAL FUND

This Proxy Solicited on Behalf of the Board of Trustees

The undersigned shareholder hereby appoints Heidi A. Hoefler, David S. Rozenson
and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power
of substitution, to vote at the Annual Meeting of Shareholders of Colonial
Insured Municipal Fund to be held in Boston, Massachusetts, on Wednesday, May
26, 2004, and at any adjournments, as follows on the reverse side of this card.

THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE
REVERSE SIDE.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

COLONIAL INSURED MUNICIPAL FUND

MUNICIPAL AUCTION RATE CUMULATIVE PREFERRED SHARES

This Proxy Solicited on Behalf of the Board of Trustees

The undersigned shareholder hereby appoints Heidi A. Hoefler, David S. Rozenson
and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power
of substitution, to vote at the Annual Meeting of Shareholders of Colonial
Insured Municipal Fund to be held in Boston, Massachusetts, on Wednesday, May
26, 2004, and at any adjournments, as follows on the reverse side of this card.

THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE
REVERSE SIDE.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

[PREFERRED SHARES]

[X] PLEASE MARK VOTES
AS IN THIS EXAMPLE

For All With- For All
COLONIAL INSURED MUNICIPAL FUND 1. TO ELECT SEVEN TRUSTEES. Nominees hold Except
(Item 1(e) of Notice)
Mark box at right if an address change or comment has been [ ] [ ] [ ] [ ]
noted on the reverse side of this card (01) DOUGLAS A. HACKER
(02) JOHN J. NEUHAUSER
(03) PATRICK J. SIMPSON
(04) THOMAS E. STITZEL
(05) THOMAS C. THEOBALD
(06) ANNE-LEE VERVILLE
(07) RICHARD L. WOOLWORTH

2. IN THEIR DISCRETION, UPON SUCH OTHER
MATTERS AS MAY PROPERLY COME BEFORE
THE MEETING.

Please be sure to sign and date this proxy Date ______________

Shareholder sign here ___________________________

Co-owner sign here ______________________________

[COMMON SHARES]

[X] PLEASE MARK VOTES
AS IN THIS EXAMPLE

For All With- For All
COLONIAL INSURED MUNICIPAL FUND 1. TO ELECT FIVE TRUSTEES. Nominees hold Except
(Item 1(e) of Notice)
Mark box at right if an address change or comment has been [ ] [ ] [ ] [ ]
noted on the reverse side of this card (01) JOHN J. NEUHAUSER
(02) PATRICK J. SIMPSON
(03) THOMAS C. THEOBALD
(04) ANNE-LEE VERVILLE
(05) RICHARD L. WOOLWORTH

2. IN THEIR DISCRETION, UPON SUCH OTHER
MATTERS AS MAY PROPERLY COME BEFORE
THE MEETING.

Please be sure to sign and date this proxy Date ______________

Shareholder sign here ___________________________

Co-owner sign here ______________________________

COLONIAL MUNICIPAL INCOME TRUST

This Proxy Solicited on Behalf of the Board of Trustees

The undersigned shareholder hereby appoints Heidi A. Hoefler, David S. Rozenson
and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power
of substitution, to vote at the Annual Meeting of Shareholders of Colonial
Municipal Income Trust to be held in Boston, Massachusetts, on Wednesday, May
26, 2004, and at any adjournments, as follows on the reverse side of this card.

THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE
REVERSE SIDE.

---------------------------------------------------------------------------------------------------
PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE
---------------------------------------------------------------------------------------------------

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

--------------------------------------------- ----------------------------------------------

COLONIAL MUNICIPAL INCOME TRUST

MUNICIPAL AUCTION RATE CUMULATIVE PREFERRED SHARES

This Proxy Solicited on Behalf of the Board of Trustees

The undersigned shareholder hereby appoints Heidi A. Hoefler, David S. Rozenson
and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power
of substitution, to vote at the Annual Meeting of Shareholders of Colonial
Municipal Income Trust to be held in Boston, Massachusetts, on Wednesday, May
26, 2004, and at any adjournments, as follows on the reverse side of this card.

THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE
REVERSE SIDE.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

--------------------------------------------- ----------------------------------------------

[COMMON SHARES]

------
X PLEASE MARK VOTES
AS IN THIS EXAMPLE
------

For All With- For All
COLONIAL MUNICIPAL INCOME TRUST 1. TO ELECT FIVE TRUSTEES. Nominees hold Except
(Item 1(g) of Notice)
Mark box at right if an address change or comment has been [ ] [ ] [ ] [ ]
noted on the reverse side of this card (01) RICHARD W. LOWRY
(02) JOHN J. NEUHAUSER
(03) PATRICK J. SIMPSON
(04) THOMAS C. THEOBALD
(05) RICHARD L. WOOLWORTH

Instruction: To withhold authority to vote for any
individual nominee, mark the "For all except" box and
strike a line through the name(s) of the nominee(s). Your
shares will be voted for the remaining nominee(s).

2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY
PROPERLY COME BEFORE THE MEETING.

Please sign exactly as name(s) appear(s) hereon. Joint
owners should each sign personally. When signing as
attorney, executor, administrator, trustee or guardian,
please give full title as such. If a corporation, please
sign in corporate name by President or other authorized
officer. If a partnership, please sign in partnership name
by authorized person.
Please be sure to sign and date this proxy Date ______________

Shareholder sign here ___________________________

Co-owner sign here _____________________________

[PREFERED SHARES]

------
X PLEASE MARK VOTES
AS IN THIS EXAMPLE
------

For All With- For All
COLONIAL MUNICIPAL INCOME TRUST 1. TO ELECT SEVEN TRUSTEES. Nominees hold Except
(Item 1(g) of Notice)
Mark box at right if an address change or comment has been [ ] [ ] [ ] [ ]
noted on the reverse side of this card (01) DOUGLAS A. HACKER
(02) RICHARD W. LOWRY
(03) JOHN J. NEUHAUSER
(04) PATRICK J. SIMPSON
(05) THOMAS E. STITZEL
(06) THOMAS C. THEOBALD
(07) RICHARD L. WOOLWORTH

Instruction: To withhold authority to vote for any
individual nominee, mark the "For all except" box and
strike a line through the name(s) of the nominee(s). Your
shares will be voted for the remaining nominee(s).

2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY
PROPERLY COME BEFORE THE MEETING.

Please sign exactly as name(s) appear(s) hereon. Joint
owners should each sign personally. When signing as
attorney, executor, administrator, trustee or guardian,
please give full title as such. If a corporation, please
sign in corporate name by President or other authorized
officer. If a partnership, please sign in partnership name
by authorized person.

Please be sure to sign and date this proxy Date ______________

Shareholder sign here ___________________________

Co-owner sign here _____________________________

COLONIAL NEW YORK INSURED MUNICIPAL FUND

This Proxy Solicited on Behalf of the Board of Trustees

The undersigned shareholder hereby appoints Heidi A. Hoefler, David S. Rozenson
and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power
of substitution, to vote at the Annual Meeting of Shareholders of Colonial New
York Insured Municipal Fund to be held in Boston, Massachusetts, on Wednesday,
May 26, 2004, and at any adjournments, as follows on the reverse side of this
card.

THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE
REVERSE SIDE.

--------------------------------------------------------------------------------------------------
PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE
--------------------------------------------------------------------------------------------------

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

--------------------------------------------- ----------------------------------------------

COLONIAL NEW YORK INSURED MUNICIPAL FUND

MUNICIPAL AUCTION RATE CUMULATIVE PREFERRED SHARES

This Proxy Solicited on Behalf of the Board of Trustees

The undersigned shareholder hereby appoints Heidi A. Hoefler, David S. Rozenson
and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power
of substitution, to vote at the Annual Meeting of Shareholders of Colonial New
York Insured Municipal Fund to be held in Boston, Massachusetts, on Wednesday,
May 26, 2004, and at any adjournments, as follows on the reverse side of this
card.

THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE
REVERSE SIDE.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

--------------------------------------------- ----------------------------------------------

[PREFERRED SHARES]

------
X PLEASE MARK VOTES
AS IN THIS EXAMPLE
------

For All With- For All
COLONIAL NEW YORK INSURED MUNICIPAL FUND 1. TO ELECT SEVEN TRUSTEES. Nominees hold Except
(Item 1(f) of Notice)
Mark box at right if an address change or comment has been [ ] [ ] [ ] [ ]
noted on the reverse side of this card (01) DOUGLAS A. HACKER
(02) JOHN J. NEUHAUSER
(03) PATRICK J. SIMPSON
(04) THOMAS E. STITZEL
(05) THOMAS C. THEOBALD
(06) ANNE-LEE VERVILLE
(07) RICHARD L. WOOLWORTH

Instruction: To withhold authority to vote for any
individual nominee, mark the "For all except" box and
strike a line through the name(s) of the nominee(s). Your
shares will be voted for the remaining nominee(s).

2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY
PROPERLY COME BEFORE THE MEETING.

Please sign exactly as name(s) appear(s) hereon. Joint
owners should each sign personally. When signing as
attorney, executor, administrator, trustee or guardian,
please give full title as such. If a corporation, please
sign in corporate name by President or other authorized
officer. If a partnership, please sign in partnership name
by authorized person.

Please be sure to sign and date this proxy Date ______________

Shareholder sign here ___________________________

Co-owner sign here _____________________________

[COMMON SHARES]

------
X PLEASE MARK VOTES
AS IN THIS EXAMPLE
------

For All With- For All
COLONIAL NEW YORK INSURED MUNICIPAL FUND 1. TO ELECT FIVE TRUSTEES. Nominees hold Except
(Item 1(f) of Notice)
Mark box at right if an address change or comment has been [ ] [ ] [ ] [ ]
noted on the reverse side of this card (01) JOHN J. NEUHAUSER
(02) PATRICK J. SIMPSON
(03) THOMAS C. THEOBALD
(04) ANNE-LEE VERVILLE
(05) RICHARD L. WOOLWORTH

Instruction: To withhold authority to vote for any
individual nominee, mark the "For all except" box and
strike a line through the name(s) of the nominee(s). Your
shares will be voted for the remaining nominee(s).

2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY
PROPERLY COME BEFORE THE MEETING.

Please sign exactly as name(s) appear(s) hereon. Joint
owners should each sign personally. When signing as
attorney, executor, administrator, trustee or guardian,
please give full title as such. If a corporation, please
sign in corporate name by President or other authorized
officer. If a partnership, please sign in partnership name
by authorized person.

Please be sure to sign and date this proxy Date ______________

Shareholder sign here ___________________________

Co-owner sign here _____________________________