Edgar Filing: COLONIAL HIGH INCOME 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

Filed by the Registrant [ X ]

Filed by a Party other than the Registrant [ ]

Check the appropriate box:
[ ] Preliminary Proxy Statement
[ X ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12
[ ] 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)

Payment of Filing Fee (Check the appropriate box):

[ X ] No fee required.

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pursuant to Exchange Act Rule 0-11 (set forth the amount on which
the filing fee is calculated and state how it was determined):

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[ ] Fee paid previously with preliminary materials:

[ ] Check box if any part of the fee is offset as provided by Exchange
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fee was paid previously. Identify the previous filing by
registration statement number, or the form or schedule and the date
of its filing.

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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"; AND COLLECTIVELY, THE "FUNDS")

ONE FINANCIAL CENTER

BOSTON, MASSACHUSETTS 02111-2621
(617) 426-3750

NOTICE OF ANNUAL MEETINGS OF SHAREHOLDERS
MAY 25, 2005

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 25, 2005, 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) Four 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) Three 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.

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

SHC-60/639U-0205

(d) Colonial California Insured Municipal Fund:

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

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

(e) Colonial Insured Municipal Fund:

(i) Two 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) Two 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) Two 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:

(i) Four 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, 2005, 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,

R. Scott Henderson
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, 2005

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 25, 2005

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 25, 2005, 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, 2005, 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 Management" or the "Adviser")
and/or its affiliates. Columbia Management 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. Lowry, Neuhauser, Simpson 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 Municipal Auction Rate Cumulative Preferred
("Preferred") Shares, voting together as a single class. Messrs. Lowry,
Neuhauser, Simpson and Woolworth will serve for three 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.

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):

2006 2007 2008
---- ---- ----

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

Ms. Verville and Messrs. Lowry and Nelson (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. Lowry and Nelson will

each serve for three 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.

2006 2007 2008
---- ---- ----

Ms. Kelly Mr. Mayer Mr. Lowry
Mr. Simpson Mr. Neuhauser Mr. Nelson
Mr. Theobald 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. Lowry and Nelson, 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

Ms. Verville and Messrs. Lowry, Mayer and Stitzel (who have each agreed to
serve) are proposed for election as Trustees of the Fund. Ms. Verville and
Messrs. Lowry, Mayer and Stitzel will each serve for three years.

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):

2006 2007 2008
---- ---- ----

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

1.(D) COLONIAL CALIFORNIA INSURED MUNICIPAL FUND

Ms. Kelly and Mr. Simpson (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. Kelly and
Mr. Simpson will serve for three 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.

2006 2007 2008
---- ---- ----

Mr. Lowry Mr. Neuhauser Ms. Kelly
Mr. Mayer Mr. Theobald Mr. Simpson
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. Kelly and Mr. Simpson, 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

Ms. Kelly and Mr. Simpson (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. Kelly
and Mr. Simpson will serve for three 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.

2006 2007 2008
---- ---- ----

Mr. Lowry Mr. Neuhauser Ms. Kelly
Mr. Mayer Mr. Theobald Mr. Simpson
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.(F) COLONIAL NEW YORK INSURED MUNICIPAL FUND

Ms. Kelly and Mr. Simpson (who have both 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. Kelly and
Mr. Simpson will serve for three 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.

2006 2007 2008
---- ---- ----

Mr. Lowry Mr. Neuhauser Ms. Kelly
Mr. Mayer Mr. Theobald Mr. Simpson
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

Ms. Verville and Mr. Mayer (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
Mr. Mayer will each serve for three 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.

2006 2007 2008
---- ---- ----

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

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 Mr. Mayer, 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

Messrs. Lowry, Mayer, Nelson and Woolworth (who have each agreed to serve) are
proposed for election as Trustees of the Fund. Messrs Lowry, Mayer, Nelson and
Woolworth will each serve for three 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):

2006 2007 2008
---- ---- ----

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

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 certain other registered investment companies advised by Columbia
Management or its affiliates (the "Fund Complex"). As of December 31, 2004, the
Fund Complex consisted of 127 open-end funds and 11 closed-end management
investment company portfolios. Two-thirds of the Trustees' fees are allocated
among the funds within the

Fund Complex based on the relative net assets of each fund and one-third of the
fees is divided equally among the funds within the Fund 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, 2004, 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 Fund 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 November 30,
2004, the Funds held 23 meetings (12 regular joint Board meetings and 11 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. None of the Trustees attended the Funds' 2004 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.
8

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' independent registered public accountant. The
Audit Committee also serves to provide an open avenue of communication between
the independent registered public accountants, Columbia Management Group, Inc.'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 registered public accountant's qualifications
and independence, (4) the performance of the Adviser's internal audit function,
and (5) the independent registered public accountant. The Audit Committee is
directly responsible for the appointment, compensation, retention and oversight
of the work of the independent registered public accountants (including the
resolution of disagreements between management and the independent registered
public 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 February 8, 2005, 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 registered public
accountant, 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 8, 2005, 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 PwC and the Funds that might
bear on PwC's independence and discussed with PwC any
9

relationships that may impact its objectivity and independence and satisfied
itself as to PwC's 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 registered public accountant for the Funds for
the fiscal year ending November 30, 2005. 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 those 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. On February 9, 2005, the Governance Committee
adopted a written charter which sets forth the Governance Committee's structure,
duties and powers, and methods of operation. A copy of the Governance Committee
Charter is attached as Appendix G.

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, 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
11

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.

4. COMPLIANCE COMMITTEE

Ms. Kelly and Verville, Messrs. Nelson and Simpson are members of the Compliance
Committee of the Board of Trustees of the Funds. Prior to August 10, 2004, Ms.
Kelly and Verville and Mr. Nelson were members of the Compliance Committee of
the Board of Trustees of the Funds. The Compliance Committee's functions include
providing oversight of the monitoring processes and controls regarding the
Trust. The Committee supervises legal, regulatory and internal rules, policies,
procedures and standards other than those relating to accounting matters and
oversight of compliance by the Trusts' investment adviser, principal underwriter
and transfer agent.

NUMBER OF
MEETINGS
FOR FISCAL
YEAR ENDED
NOVEMBER 30, 2004
-----------------

Board of Trustees 23
Audit Committee 11
Governance Committee 5
Advisory Fees & Expenses Committee 7
Compliance Committee 4

AUDIT COMMITTEE PRE-APPROVAL OF INDEPENDENT ACCOUNTANT SERVICES

The Audit Committee is required to pre-approve the engagement of the Funds'
independent registered public accountant to provide audit and non-

audit services to each Fund and non-audit services to Columbia Management (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 Management 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
Management 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 registered public accountant 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 registered public accountant.

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. 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 THE INDEPENDENT REGISTERED PUBLIC ACCOUNTANT

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. 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 year ended November 30, 2004
were pre-approved by the Audit Committee.

There were no amounts billed by PwC in the fiscal year ended November 30, 2004
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.

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

CCAIMF 2003 $23,610 $7,400 $3,371 $0
2004 $22,060 $7,100 $3,410 $0
CHIMT 2003 $28,460 $7,400 $3,071 $0
2004 $26,670 $7,100 $3,110 $0
CIMF 2003 $23,610 $7,400 $3,371 $0
2004 $22,060 $7,100 $3,410 $0
CIITI 2003 $30,220 $4,000 $2,500 $0
2004 $28,350 $3,700 $2,610 $0
CIHIF* 2004-A $17,485 $ -- $2,600 $0
2004 $32,860 $3,700 $2,710 $0
CIGMT 2003 $24,490 $7,400 $3,071 $0
2004 $22,900 $7,100 $3,110 $0
CMIT 2003 $28,460 $7,400 $3,071 $0
2004 $26,670 $7,100 $3,110 $0
CNYIMF 2003 $23,610 $7,400 $3,371 $0
2004 $22,060 $7,100 $5,010 $0

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

* CIHIF recently changed its fiscal year. Accordingly, the 2004-A fiscal year
was only one month long.

The aggregate amount of fees paid for non-audit services billed to the Funds,
Columbia and Columbia Affiliates was $76,826 in the fiscal year

ended November 30, 2003 and $76,840 for the fiscal year ended November 30, 2004.

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

MANAGEMENT

Columbia Management, located at One Financial Center, Boston, MA 02111, is the
Funds' investment adviser. Columbia Management, a registered investment adviser,
has been an investment adviser since 1969. Columbia Funds Distributor ("CFD"),
is located at One Financial Center, Boston, MA 02111, is the Funds' distributor.
Columbia Management and CFD are wholly owned subsidiaries of Columbia Management
Group, Inc., ("CMG"), which is a wholly owned subsidiary of Bank of America
Corporation. Prior to April 1, 2004, CMG was an indirect wholly owned subsidiary
of Fleet Boston Financial Corporation. Effective April 1, 2004, Fleet Boston
Financial Corporation was acquired by 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

On March 15, 2004, Columbia Management and CFD entered into agreements in
principle with the staff of the SEC and the Office of the New York Attorney
General ("NYAG") to resolve the proceedings brought in connection with the SEC's
and NYAG's investigations of frequent trading and market timing in certain
Columbia mutual funds.

On February 9, 2005, Columbia Management entered into an Assurance of
Discontinuance with the NYAG (the "NYAG Settlement") and consented to the entry
of a cease-and-desist order by the SEC (the "SEC Order" and together, the
"Settlements"). The Settlements contain substantially the same terms and
conditions as outlined in the agreements in principle.

Under the terms of the SEC Order, Columbia has agreed, among other things, to:
pay $70 million in disgorgement and $70 million in civil money penalties; cease
and desist from violations of the antifraud provisions and certain other
provisions of the federal securities laws; maintain certain compliance and
ethics oversight structures; retain an independent consultant to review Columbia
Management's applicable supervisory, compliance, control and other policies and
procedures; and retain an independent

distribution consultant. The Funds have also voluntarily undertaken to implement
certain governance measures designed to maintain the independence of their
boards of trustees. The NYAG Settlement also, among other things, requires
Columbia Management and its affiliates, Banc of America Capital Management, LLC
and Bank of America Capital Management Distributors, LLC, to reduce Columbia
Funds, Nations Funds and other mutual funds management fees (not including the
Funds) collectively by $32 million per year for five years, for a projected
total of $160 million in management fee reductions.

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

Since February 2004, Columbia, Columbia Management, CFD and other
Columbia-affiliated entities have been named as defendants in eleven civil
lawsuits filed in New York and Massachusetts that have been transferred and
consolidated for pretrial proceedings in the United States District Court for
the District of Maryland in the Special Multi-District Litigation proceeding
(Index No. 04-MO-15863) created for actions involving market timing issues
against mutual fund complexes. The lawsuits were commenced as putative class
actions on behalf of investors who purchased, held or redeemed shares of funds
in the Fund Complex during specified periods or as derivative actions on behalf
of funds in the Fund Complex. The lawsuits allege, among other things, that the
defendants allowed the market timing and late trading of funds in the Fund
Complex. The plaintiffs seek, among other things, unspecified compensatory
damages plus interest and, in some cases, punitive damages, the rescission of
investment advisory contracts, the return of fees paid under those contracts,
restitution and the removal of the Trustees of the Funds named in the complaint
and replacing them with independent trustees. The consolidated amended fund
derivative complaint against Columbia-affiliated defendants was filed on
September 29, 2004 in the United States District Court for the District of
Maryland and names the open-end Columbia Funds, collectively, as nominal
defendants. Each person serving as a Trustee of the Funds is named as a
defendant in certain cases(1) in the consolidated amended fund derivative
complaint in each person's capacity as a trustee of the open-end Columbia Funds.

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

(1) Armetta v. FleetBoston Financial Corporation, et al. (D. Mass. Mar. 19,
2004); Beardsley, et al. v. FleetBoston Financial Corporation, et al., (D.
Mass. Mar. 18, 2004).

On March 2, 2005, four civil revenue sharing lawsuits, all filed in the District
Court for the District of Massachusetts during August and September of 2004 were
consolidated into a single action in the United States District Court for
Massachusetts (In re Columbia Entities Litigation, Civil Action No.
04-11704-REK). The complaints allege, among other things, that various mutual
funds advised by Columbia Management, Columbia Wanger Asset Management, L.P. and
their affiliates inappropriately used fund assets to pay brokers to promote the
funds by directing fund brokerage transactions to such brokers without fully
disclosing such arrangements to shareholders, and charged excessive 12b-1 fees.
The plaintiffs seek, among other things, compensatory damages, punitive damages,
rescission of contracts and restitution. The complaints in the four actions name
Columbia, Columbia Management, CFD and, in one case(2), certain persons serving
as Trustees of the Funds in each person's capacity as a Trustee of the open-end
Columbia Funds as defendants and several Columbia Funds as nominal defendants.
None of the Funds are named as defendants or nominal defendants in any of the
four revenue sharing actions.

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, 2005, 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, 2005, 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, 2005, based on
filings made by such holders pursuant to Sections 13(d) and

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

(2) Slicker, et al. v. FleetBoston Financial Corporation, et al., (D. Mass. Aug.
11, 2004).

16(a) of the Securities Exchange Act of 1934, as amended. The Trustees and
officers of each Fund, in the aggregate, owned less than 1% of each Fund's
outstanding shares as of March 10, 2005.

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, 2005, 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 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 2006 Annual
Meeting must be received by the relevant Fund on or before December 23, 2005.
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 2006 Annual Meeting that will
not be included in the Funds' proxy materials must notify the relevant Fund on
or before March 8, 2006. 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
19

of the copies of such reports furnished to the Funds, and on representations
made, all Section 16 reporting persons complied with all Section 16(a) filing
requirements applicable to them.

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, unless otherwise indicated.

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 104
(10/23/55) 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 July,
1999 to September, 2001;
Senior Vice President -
Finance from March, 1993 to
July, 1999).

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

DISINTERESTED TRUSTEES
Douglas A. Hacker None
(10/23/55)

Janet Langford Kelly Trustee CHIMT -- 2000 Partner, Zelle, Hofmann, 104
(11/27/57) CIGMT -- 2000 Voelbel, Mason & Gette LLP
CIITI -- 2000 (law firm); Adjunct Professor
CCAIMF -- 2000 of Law, Northwestern
CIMF -- 2000 University, since September,
CNYIMF -- 2000 2004; (formerly Chief
CMIT -- 2000 Administration Officer and
CIHIF -- 2000 Senior Vice President, Kmart
Holding Corporation (consumer
goods), from September, 2003
to March, 2004; Executive Vice
President-Corporate
Development and
Administration, General
Counsel and Secretary, Kellogg
Company (food manufacturer),
from September, 1999 to
August, 2003; Senior Vice
President, Secretary and
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, 106
(04/22/36) 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
(11/27/57)
Richard W. Lowry(2) None
(04/22/36)

Charles R. Nelson Trustee CHIMT -- 2000 Professor of Economics, 104
(08/21/42) 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 (formerly Director, Institute
for Economic Research,
University of Washington, from
September, 2001 to June, 2003;
Adjunct Professor of
Statistics, University of
Washington, since September,
1980; Associate Editor,
Journal of Money Credit and
Banking, since September,
1993; consultant on
econometric and statistical
matters).
John J. Neuhauser(2) Trustee CHIMT -- 1985 Academic Vice President and 106
(04/07/43) 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 August,
CMIT -- 1985 1999).

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

Charles R. Nelson None
(08/21/42)
John J. Neuhauser(2) Saucony, Inc. (athletic
(04/07/43) footwear)

Patrick J. Simpson Trustee CIHIF -- 1985 Partner, Perkins Coie, LLP 104
(04/26/44) CHIMT -- 2003 (law firm)
CIGMT -- 2003
CIITI -- 2003
CCAIMF -- 2003
CIMF -- 2003
CNYIMF -- 2003
CMIT -- 2003
CIHIF -- 2003
Thomas E. Stitzel Trustee CHIMT -- 1998 Business Consultant since 1999 104
(03/01/36) CIGMT -- 1998 (formerly Professor of Finance
CIITI -- 1998 from 1975 to 1999; College of
CCAIMF -- 1999 Business, Boise State
CIMF -- 1999 University); Chartered
CNYIMF -- 1999 Financial Analyst.
CMIT -- 1998
CIHIF -- 1998
Thomas C. Theobald(3) Trustee CHIMT -- 2000 Partner and Senior Advisor, 104
(05/05/37) CIGMT -- 2000 Chicago Growth Partners
CIITI -- 2000 (private equity investing)
CCAIMF -- 2000 since September, 2004;
CIMF -- 2000 (formerly Managing Director,
CNYIMF -- 2000 William Blair Capital Partners
CMIT -- 2000 (private equity investing)
CIHIF -- 2000 from September, 1994 to
September, 2004).

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

Patrick J. Simpson None
(04/26/44)
Thomas E. Stitzel None
(03/01/36)
Thomas C. Theobald(3) Anixter International (network
(05/05/37) support equipment distributor);
Ventas Inc. (real estate
investment trust); Jones Lang
LaSalle (real estate management
services) and Ambac Financial
Group (financial guarantee
insurance)

Anne-Lee Verville Trustee CHIMT -- 1998 Retired since 1997 (formerly 104
(06/09/45) CIGMT -- 1998 General Manager, Global
CIITI -- 1998 Education Industry, IBM
CCAIMF -- 1999 Corporation (computers and
CIMF -- 1999 technology)) from 1994 to
CNYIMF -- 1999 1997.
CMIT -- 1998
CIHIF -- 1998
Richard L. Woolworth Trustee CHIMT -- 2003 Retired since December, 2003 104
(05/10/41) CIGMT -- 2003 (formerly Chairman and Chief
CIITI -- 2003 Executive Officer, The Regence
CCAIMF -- 2003 Group (regional health
CIMF -- 2003 insurer); Chairman and Chief
CNYIMF -- 2003 Executive Officer, Blue Cross
CMIT -- 2003 Blue Shield of Oregon;
CIHIF -- 2003 Certified Public Accountant,
Arthur Young & Company).
INTERESTED TRUSTEES
William E. Mayer(2)(4) Trustee CHIMT -- 1994 Partner, Park Avenue Equity 106
(05/07/40) CIGMT -- 1994 Partners (private equity)
CIITI -- 1994 since February, 1999 (formerly
CCAIMF -- 1999 Partner, Development Capital
CIMF -- 1999 LLC from November, 1996 to
CNYIMF -- 1999 February, 1999).
CMIT -- 1994
CIHIF -- 1994

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

Anne-Lee Verville Chairman of the Board of
(06/09/45) Directors, Enesco Group, Inc.
(designer, importer and
distributor of giftware and
collectibles).
Richard L. Woolworth NorthWest Natural (a natural
(05/10/41) gas service provider).
INTERESTED TRUSTEES
William E. Mayer(2)(4) Lee Enterprises (print media);
(05/07/40) WR Hambrecht + Co. (financial
service provider); First Health
(healthcare); Readers Digest
(publisher); OPENFIELD
Solutions (retail industry
technology provider).

(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 15 publicly offered 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 15 publicly offered 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. Theobald was appointed as Chairman of the Board effective December 10,
2003.

(4) 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.

OFFICERS

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

Christopher L. Wilson Head of CHIMT -- 2004 Head of Mutual Funds since August, 2004 and Senior Vice
(Age 47) Mutual Funds CIGMT -- 2004 President of the Advisor since January, 2005; President of
since August CIITI -- 2004 the Columbia Funds, Liberty Funds and Stein Roe Funds since
2004; CCAIMF -- 2004 October, 2004; President and Chief Executive Officer of the
President of CIMF -- 2004 Nations Funds since January, 2005; Senior Vice President of
the Columbia CNYIMF -- 2004 BACAP Distributors LLC since January, 2005; Director of FIM
Funds since CMIT -- 2004 Funding, Inc. since January, 2005; Senior Vice President of
October 2004 CIHIF -- 2004 Columbia Funds Distributor, Inc. since January, 2005;
Director of Columbia Funds Services, Inc. since January,
2005 (formerly President and Chief Executive Officer, CDC
IXIS Asset Management Services, Inc. from September, 1998 to
August, 2004).
J. Kevin Connaughton Treasurer CHIMT -- 2000 Treasurer of the Columbia Funds since October, 2003 and of
(Age 40) CIGMT -- 2000 the Liberty Funds, Stein Roe Funds and All-Star Funds since
CIITI -- 2000 December, 2000; Vice President of the Advisor since April,
CCAIMF -- 2000 2003 (formerly President of the Columbia Funds, Liberty
CIMF -- 2000 Funds and Stein Roe Funds from February, 2004 to October,
CNYIMF -- 2000 2004; Chief Accounting Officer and Controller of the Liberty
CMIT -- 2000 Funds and All-Star Funds from February, 1998 to October,
CIHIF -- 2000 2000); Treasurer of the Galaxy Funds since September, 2002
(formerly Treasurer from December, 2002 to December, 2004
and President from February, 2004 to December, 2004 of the
Columbia Management Multi-Strategy Hedge Fund, LLC; Vice
President of Colonial Management Associates, Inc. from
February, 1998 to October, 2000).
Mary Joan Hoene Senior Vice CHIMT -- 2004 Senior Vice President and Chief Compliance Officer of the
(Age 54) President and CIGMT -- 2004 Columbia Funds, Liberty Funds, Stein Roe Funds and All-Star
40 West 57th Street Chief CIITI -- 2004 Funds since August, 2004 (formerly Partner, Carter, Ledyard
New York, NY 10019 Compliance CCAIMF -- 2004 & Milburn LLP from January, 2001 to August, 2004; Counsel,
Officer since CIMF -- 2004 Carter, Ledyard & Milburn LLP from November, 1999 to
2004 CNYIMF -- 2004 December, 2000; Vice President and Counsel, Equitable Life
CMIT -- 2004 Assurance Society of the United States from April, 1998 to
CIHIF -- 2004 November, 1999.

Michael G. Clarke Chief CHIMT -- 2002 Chief Accounting Officer of the Columbia Funds, Liberty
(Age 35) Accounting CIGMT -- 2002 Funds, Stein Roe Funds and All-Star Funds since October,
Officer since CIITI -- 2002 2004 (formerly Controller of the Columbia Funds, Liberty
October 2004 CCAIMF -- 2002 Funds, the Stein Roe Funds and the All-Star Funds from
CIMF -- 2002 October, 2004 to October, 2004 (formerly Controller of the
CNYIMF -- 2002 Columbia Funds, Liberty Funds, Stein Roe Funds and the
CMIT -- 2002 All-Star Funds from May, 2004 to October, 2004); Assistant
CIHIF -- 2002 treasurer from June, 2002 to May, 2004; Vice President,
Product Strategy & Development of the Liberty Funds Group
from February, 2001 to June, 2002; Assistant Treasurer of
the Liberty Funds Group from February, 2001 to June, 2002;
Assistant Treasurer of the Liberty Funds, Stein Roe Funds
and the All-Star Funds from August, 1999 to February, 2001;
Audit Manager, Deloitte & Touche LLP from May, 1997 to
August, 1999.
Jeffrey R. Coleman Controller CHIMT -- 2004 Controller of the Columbia Funds, Liberty Funds, Stein Roe
(Age 35) since October CIGMT -- 2004 Funds and the All- Star Funds since October, 2004 (formerly
2004 CIITI -- 2004 Vice President of CDC IXIS Asset Management Services, Inc.
CCAIMF -- 2004 and Deputy Treasurer of the CDC Nvest Funds and Loomis
CIMF -- 2004 Sayles Funds from February, 2003 to September, 2004;
CNYIMF -- 2004 Assistant Vice President of CDC IXIS Asset Management
CMIT -- 2004 Services, Inc. and Assistant Treasurer of the CDC Nvest
CIHIF -- 2004 Funds from August, 2000 to February, 2003; Tax Manager of
PFPC, Inc. from November, 1996 to August, 2000).
R. Scott Henderson Secretary CHIMT -- 2004 Secretary of the Columbia Funds, Liberty Funds and the Stein
(Age 45) since CIGMT -- 2004 Roe Funds since December, 2004 (formerly Of Counsel Bingham
December 2004 CIITI -- 2004 McCutchen from April 2001 to September 2004; Executive
CCAIMF -- 2004 Director and General Counsel, Massachusetts Pension Reserves
CIMF -- 2004 Investment Management Board from September, 1997 to March,
CNYIMF -- 2004 2001).
CMIT -- 2004
CIHIF -- 2004

APPENDIX B.1 -- TRUSTEES' COMPENSATION

For the calendar year ended December 31, 2004, 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, 2004
---------------------- ------------------------ ---------------------------

Douglas A. Hacker N/A $135,000
Janet Langford Kelly N/A $148,500
Richard W. Lowry N/A $150,700
Charles R. Nelson N/A $141,500
John J. Neuhauser N/A $158,284
Patrick J. Simpson(2) N/A $129,000
Thomas E. Stitzel N/A $149,000
Thomas C. Theobald(2) N/A $172,500
Anne-Lee Verville(2) N/A $157,000
Richard L. Woolworth N/A $131,000
INTERESTED TRUSTEE
-----------------------
William E. Mayer N/A $166,700

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

(2) During the calendar year ended December 31, 2004, Mr. Simpson deferred
$129,000 of his total compensation pursuant to the deferred compensation
plan, Mr. Theobald deferred $90,000 of his total compensation pursuant to
the deferred compensation plan and Ms. Verville deferred $55,000 of her
total compensation pursuant to the deferred compensation plan.

APPENDIX B.2 -- TRUSTEES' COMPENSATION

For the fiscal year ended November 30, 2004, 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 11/30/04 11/30/04 11/30/04 11/30/04 11/30/04 11/30/04
--------------------- -------------- -------------- -------------- -------------- -------------- --------------

Douglas A. Hacker $1,606 $755 $657 $511 $595 $601
Janet Langford Kelly 1,797 806 698 546 636 635
Richard W. Lowry 1,550 711 624 482 562 577
Charles R. Nelson 1,764 792 690 537 625 632
John J. Neuhauser 1,647 753 660 511 595 609
Patrick J. Simpson(a) 1,594 727 640 493 575 593
Thomas E. Stitzel 1,813 813 719 552 644 670
Thomas C. Theobald(b) 1,988 977 829 660 764 736
Anne-Lee Verville(c) 1,934 886 775 601 700 713
Richard L. Woolworth 1,568 720 644 489 573 608
INTERESTED TRUSTEE
------------------------
William E. Mayer 1,763 804 703 545 635 647

AGGREGATE AGGREGATE
COMPENSATION COMPENSATION
FROM CMIT FROM CIHIF
FOR THE FISCAL FOR THE FISCAL
YEAR ENDED YEAR ENDED
DISINTERESTED TRUSTEE 11/30/04 11/30/04
--------------------- -------------- --------------

Douglas A. Hacker $1,385 $537
Janet Langford Kelly 1,454 574
Richard W. Lowry 1,343 507
Charles R. Nelson 1,457 564
John J. Neuhauser 1,412 537
Patrick J. Simpson(a) 1,382 519
Thomas E. Stitzel 1,570 581
Thomas C. Theobald(b) 1,652 691
Anne-Lee Verville(c) 1,654 631
Richard L. Woolworth 1,442 515
INTERESTED TRUSTEE
------------------------
William E. Mayer 1,500 573

(a) During the fiscal year ended November 30, 2004, Mr. Simpson deferred $1,594
from CHIMT, $727 from CIGMT, $493 from CCAIMF $575 from CIMF, $593 from
CNYIMF, $1,382 from CMIT and $519 from CIHIF.

(b) During the fiscal year ended November 30, 2004, Mr. Theobald deferred $908
from CHIMT, $545 from CIGMT, $364 from CCAIMF $413 from CIMF, $326 from
CNYIMF, $632 from CMIT and $377 from CIHIF.

(c) During the fiscal year ended November 30, 2004, Ms. Verville deferred $555
from CHIMT, $333 from CIGMT, $256 from CIITI $223 from CCAIMF $253 from
CIMF, $199 from CNYIMF, $386 from CMIT and $230 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, 2004 (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
CCAIMF CHIMT CIMF CIITI CIHIF CIGMT CMIT
------------ ------------ ------------ ------------ ------------ ------------ ------------

DISINTERESTED TRUSTEES
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.... $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(b)......... $0 $0 $0 $0 $0 $0 $0
Richard L.
Woolworth........... $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
CNYIMF FUND COMPLEX
------------ -----------------------

DISINTERESTED TRUSTEES
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.... $0 Over $100,000
Thomas E. Stitzel..... $0 Over $100,000
Thomas C. Theobald.... $0 Over $100,000
Anne-Lee
Verville(b)......... $0 Over $100,000
Richard L.
Woolworth........... $0 Over $100,000
INTERESTED TRUSTEES
William E. Mayer(a)... $0 $50,001-5100,000

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

(b) Ms. Verville's share ownership is held in her deferred compensation plan.

TRUSTEE POSITIONS

As of December 31, 2004, no disinterested Trustee or any of his or her immediate
family members owned beneficially or of record any class of securities of
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, 2005, the Funds had outstanding and
entitled to vote at the Meeting the following shares of beneficial interest:

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

CCAIMF 2,780,771.1183 978
CHIMT 31,169,025.0000 4,800
CIMF 4,252,858.6670 1,492
CIITI 11,009,000.000 N/A
CIHIF 21,003,495.6760 N/A
CIGMT 11,509,000.000 2,400
CMIT 27,741,654.2289 3,600
CNYIMF 1,613,723.6670 564

APPENDIX E -- OWNERSHIP OF SHARES

As of the close of business on March 10, 2005, 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 Depository 2,698,668 97.05%
Trust Company
55 Water St. 25th
Floor
New York, NY 10004
CHIMT Common CEDE & CO Depository 27,960,005 89.70%
Trust Company
55 Water St. 25th
Floor
New York, NY 10004
CIMF Common CEDE & CO Depository 4,168,041 98.00%
Trust Company
55 Water St. 25th
Floor
New York, NY 10004
CIITI N/A CEDE & CO Depository 9,949,149 90.37%
Trust Company
55 Water St. 25th
Floor
New York, NY 10004
CIHIF N/A CEDE & CO Depository 19,469,764 92.70%
Trust Company
55 Water St. 25th
Floor
New York, NY 10004
CIGMT Common CEDE & CO Depository 10,240,563 89.98%
Trust Company
55 Water St. 25th
Floor
New York, NY 10004
CMIT Common CEDE & CO Depository 23,791,591 85.76%
Trust Company
55 Water St. 25th
Floor
New York, NY 10004
CNYIMF Common CEDE & CO Depository 1,588,841 98.46%
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 Fund 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' registered public accountant. The Audit
Committee also serves to provide an open avenue of communication among the
registered public accountant, 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 registered public accountant has 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 registered public accountant'
qualifications and independence, and (4) the performance

of the Adviser's internal audit function and registered public accountant.
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 registered public accountant. 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 registered
public accountant their separate evaluations of the adequacy and
effectiveness of the Funds' system of internal controls.

2. Review with management and the independent registered public
accountant:

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 REGISTERED PUBLIC ACCOUNTANT.

1. SELECTION AND OVERSIGHT. Be directly responsible for the
appointment, compensation, retention and oversight of the work of
the independent registered public accountant (including resolution
of disagreements between management and the independent registered
public accountant 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 registered public accountant 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 registered public accountant 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).(3) 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.

------------------------------
(3) 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 registered public accountant 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

The independent registered public accountant shall not perform
any of the 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

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 registered public accountant 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 registered
public accountant.(4) The Audit Committee may

------------------------------
(4) 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
38

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 registered public accountant's
specific representations as to their independence, including
identification of all significant relationships the registered
public accountant have 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 registered public accountant's report to satisfy itself
as to the independent registered public accountant's independence.

5. AUDIT SCOPE. On an annual basis, meet with the independent
registered public accountant 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 registered public accountant and
management to review the audit results, including any comments or
recommendations of the independent registered public accountant 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

------------------------------
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
registered public accountant 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.
39

proposed scope of the audit previously presented to the Audit
Committee.

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

8. AUDITOR REPORT. On an annual basis, obtain and review a report by
the independent registered public accountant describing the
independent registered public accountant's internal quality-control
procedures and any material issues raised by the independent
registered public accountant's 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 registered public accountant, and any steps taken to
deal with any such issues.

D. FINANCIAL REPORTING PROCESSES.

Meet separately and periodically with management and the independent
registered public accountant, 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 registered public
accountant believes 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
registered public accountant 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
registered public accountant 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 registered public accountant, 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 registered public accountant
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.

APPENDIX F -- GOVERNANCE COMMITTEE CHARTER

COLUMBIA FUNDS

GOVERNANCE COMMITTEE CHARTER

THE GOVERNANCE COMMITTEE (THE "COMMITTEE") OF THE COLUMBIA FUNDS (THE "FUNDS")
SHALL BE COMPOSED ENTIRELY OF MEMBERS OF THE BOARD OF THE FUNDS WHO ARE NOT
AFFILIATED WITH THE FUNDS' INVESTMENT ADVISER, SUB-ADVISERS OR PRINCIPAL
UNDERWRITER.

THE FUNCTIONS OF THE COMMITTEE ARE:

To make nominations for independent trustee membership on the Board of Trustees
when necessary and to consider candidates proposed for the Board of Trustees by
shareholders of the Funds;

To review periodically Board governance practices and procedures and any
recommendations of the Chief Compliance Officer of the Funds relating thereto,
and to recommend to the Board any changes it may deem appropriate;

To review periodically trustee compensation and to recommend to the independent
trustees any changes it may deem appropriate;

To review committee assignments on an annual basis;

To review on an annual basis the responsibilities and charter of each committee
of the Board, whether there is continuing need for each committee, whether there
is a need for additional committees of the Board, and whether committees should
be combined or reorganized, and to make recommendations for any such action to
the Board;

To plan and administer the Board's annual self-evaluation process;

To evaluate on at least an annual basis the independence of counsel to the
independent trustees, to make recommendations to the independent trustees
regarding their determination of such counsel's status as an "independent legal
counsel" under applicable SEC rules, and to supervise such counsel.

THE COMMITTEE SHALL MEET AS FREQUENTLY AND AT SUCH TIMES AS CIRCUMSTANCES
DICTATE. MINUTES SHALL BE KEPT OF THE COMMITTEE'S MEETINGS.

THE COMMITTEE SHALL HAVE THE RESOURCES AND AUTHORITY APPROPRIATE TO DISCHARGE
ITS RESPONSIBILITIES, INCLUDING AUTHORITY TO RETAIN SPECIAL COUNSEL AND OTHER
EXPERTS OR CONSULTANTS AT THE EXPENSE OF THE APPROPRIATE FUND.

THE COMMITTEE SHALL REVIEW THIS CHARTER AT LEAST [ANNUALLY] AND RECOMMEND TO THE
BOARD ANY CHANGES IT DEEMS APPROPRIATE.

COLONIAL CALIFORNIA INSURED MUNICIPAL FUND

MUNICIPAL AUCTION RATE CUMULATIVE PREFERRED SHARES

THIS PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned shareholder hereby appoints Robert J. Fitzpatrick, Michelle H.
Rhee and Vincent P. Pietropaolo, each of them proxies of the undersigned, with
power of substitution to each, and hereby authorizes each of them to represent
and to vote at the Annual Meeting of Shareholders of Colonial California Insured
Municipal Fund to be held in Boston, Massachusetts, on Wednesday, May 25, 2005,
and at any adjournments thereof, all of the shares of the Trust that the
undersigned would be entitled to vote if personally present, 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?

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

/X/ PLEASE MARK
VOTES AS IN
THIS EXAMPLE.

--------------------------------------------- 1. ELECTION OF FOUR TRUSTEES.
COLONIAL CALIFORNIA INSURED MUNICIPAL FUND (Item 1(d) of Notice)
---------------------------------------------
(01) DOUGLAS A. HACKER
(02) JANET LANGFORD KELLY
Mark box at right if an address change or comment (03) PATRICK J. SIMPSON FOR WITHHELD
has been noted on the reverse side of this card. / / (04) THOMAS E. STITZEL ALL FROM ALL
NOMINEES NOMINEES

/ / / /

[SHADED BOX] / /
-----------------------------------------
For all nominees except as noted above

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,
Please be sure to sign and date this Proxy. Date 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.

-----------------------------------------------------------
Shareholder sign here Co-owner sign here RECORD DATE SHARES:

COLONIAL CALIFORNIA INSURED MUNICIPAL FUND

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?

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

[X] PLEASE MARK 1942
VOTES AS IN
THIS EXAMPLE.

------------------------------------------
COLONIAL CALIFORNIA INSURED MUNICIPAL FUND 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS
------------------------------------------ MAY PROPERLY COME BEFORE THE MEETING.
1. TO ELECT TWO TRUSTEES.
(Item 1(d) of Notice)
(01) JANET LANGFORD KELLY, (02) PATRICK J. SIMPSON

FOR [ ] [ ] WITHHELD
ALL FROM ALL
NOMINEES NOMINEES

[ ]
--------------------------------------
For all nominees except as noted above

Mark box at right if an address change or comment has been [ ]
noted on the reverse side of this card.

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.

Signature: Date: Signature: Date:
-------------------- ----------- -------------------- ------------

COLONIAL HIGH INCOME MUNICIPAL TRUST

THIS PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned shareholder hereby appoints Robert J. Fitzpatrick, Michelle H.
Rhee and Vincent P. Pietropaolo, each of them proxies of the undersigned, with
power of substitution to each, and hereby authorizes each of them to represent
and to vote at the Annual Meeting of Shareholders of Colonial High Income
Municipal Trust to be held in Boston, Massachusetts, on Wednesday, May 25, 2005,
and at any adjournments thereof, all of the shares of the Trust that the
undersigned would be entitled to vote if personally present, 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 1001
VOTES AS IN
THIS EXAMPLE.

------------------------------------------
COLONIAL HIGH INCOME MUNICIPAL TRUST 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS
------------------------------------------ MAY PROPERLY COME BEFORE THE MEETING.
1. TO ELECT FOUR TRUSTEES.
(Item 1(a) of Notice)
(01) RICHARD W. LOWRY, (02) JOHN J. NEUHAUSER,
(03) PATRICK J. SIMPSON, (04) RICHARD L. WOOLWORTH

FOR [ ] [ ] WITHHELD
ALL FROM ALL
NOMINEES NOMINEES

[ ]
--------------------------------------
For all nominees except as noted above

Mark box at right if an address change or comment has been [ ]
noted on the reverse side of this card.

Signature: Date: Signature: Date:
-------------------- ----------- -------------------- ------------

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 Robert J. Fitzpatrick, Michelle H.
Rhee and Vincent P. Pietropaolo, each of them proxies of the undersigned, with
power of substitution to each, and hereby authorizes each of them to represent
and to vote at the Annual Meeting of Shareholders of Colonial High Income
Municipal Trust to be held in Boston, Massachusetts, on Wednesday, May 25, 2005,
and at any adjournments thereof, all of the shares of the Trust that the
undersigned would be entitled to vote if personally present, 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.

---------------------------------------------- 1. ELECTION OF SIX TRUSTEES.
COLONIAL HIGH INCOME MUNICIPAL TRUST (Item 1(a) of Notice)
----------------------------------------------

(01) DOUGLAS A. HACKER
(02) RICHARD W. LOWRY
(03) JOHN J. NEUHAUSER FOR WITHHELD
(04) PATRICK J. SIMPSON ALL FROM ALL
(05) THOMAS E. STITZEL NOMINEES NOMINEES
(06) RICHARD L. WOOLWORTH
/ / / /
Mark box at right if an address change or comment
has been noted on the reverse side of this card. / /

[SHADED BOX] / /
-----------------------------------------
For all nominees except as noted above

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

-----------------------------------------------------------
Shareholder sign here Co-owner sign here RECORD DATE SHARES:

COLONIAL INSURED MUNICIPAL FUND

THIS PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned shareholder hereby appoints Robert J. Fitzpatrick, Michelle H.
Rhee and Vincent P. Pietropaolo, each of them proxies of the undersigned, with
power of substitution to each, and hereby authorizes each of them to represent
and to vote at the Annual Meeting of Shareholders of Colonial Insured Municipal
Fund to be held in Boston, Massachusetts, on Wednesday, May 25, 2005, and at any
adjournments thereof, all of the shares of the Trust that the undersigned would
be entitled to vote if personally present, 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 1941
VOTES AS IN
THIS EXAMPLE.

------------------------------------------
COLONIAL INSURED MUNICIPAL FUND 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS
------------------------------------------ MAY PROPERLY COME BEFORE THE MEETING.
1. TO ELECT TWO TRUSTEES.
(Item 1(e) of Notice)
(01) JANET LANGFORD KELLY, (02) PATRICK J. SIMPSON

FOR [ ] [ ] WITHHELD
ALL FROM ALL
NOMINEES NOMINEES

[ ]
--------------------------------------
For all nominees except as noted above

Mark box at right if an address change or comment has been [ ]
noted on the reverse side of this card.

Signature: Date: Signature: Date:
-------------------- ----------- -------------------- ------------

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 Robert J. Fitzpatrick, Michell H.
Rhee and Vincent P. Pietropaolo, each of them proxies of the undersigned, with
power of substitution to each, and hereby authorizes each of them to represent
and to vote at the Annual Meeting of Shareholders of Colonial Insured Municipal
Fund to be held in Boston, Massachusetts, on Wednesday, May 25, 2005, and at any
adjournments thereof, all of the shares of the Trust that the undersigned would
be entitled to vote if personally present, 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.
-------------------------------------- 1. ELECTION OF FOUR TRUSTEES.
COLONIAL INSURED MUNICIPAL FUND (Item 1(e) of Notice)
--------------------------------------
(01) DOUGLAS A. HACKER
(02) JANET LANGFORD KELLY
Mark box at right if an address change or comment (03) PATRICK J. SIMPSON FOR WITHHELD
has been noted on the reverse side of this card. / / (04) THOMAS E. STITZEL ALL FROM ALL
NOMINEES NOMINEES

/ / / /

[SHADED BOX] / /
-----------------------------------------
For all nominees except as noted above

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

-----------------------------------------------------------
Shareholder sign here Co-owner sign here RECORD DATE SHARES:

COLONIAL INTERMARKET INCOME TRUST I

THIS PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned shareholder hereby appoints Robert J. Fitzpatrick, Michelle H.
Rhee and Vincent P. Pietropaolo, each of them proxies of the undersigned, with
power of substitution to each, and hereby authorizes each of them to represent
and to vote at the Annual Meeting of Shareholders of Colonial Intermarket Income
Trust I to be held in Boston, Massachusetts, on Wednesday, May 25, 2005, and at
any adjournments thereof, all of the shares of the Trust that the undersigned
would be entitled to vote if personally present, 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 3485
VOTES AS IN
THIS EXAMPLE.

------------------------------------------
COLONIAL INTERMARKET INCOME TRUST I 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS
------------------------------------------ MAY PROPERLY COME BEFORE THE MEETING.
1. TO ELECT FOUR TRUSTEES.
(Item 1(c) of Notice)
(01) RICHARD W. LOWRY, (02) WILLIAM E. MAYER,
(03) THOMAS E. STITZEL, (04) ANNE-LEE VERVILLE

FOR [ ] [ ] WITHHELD
ALL FROM ALL
NOMINEES NOMINEES

[ ]
--------------------------------------
For all nominees except as noted above

Mark box at right if an address change or comment has been [ ]
noted on the reverse side of this card.

Signature: Date: Signature: Date:
-------------------- ----------- -------------------- ------------

PROXY

COLONIAL INTERMEDIATE HIGH INCOME FUND

THIS PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned shareholder hereby appoints Robert J. Fitzpatrick, Michelle H.
Rhee and Vincent P. Pietropaolo, each of them proxies of the undersigned, with
power of substitution to each and hereby authorizes each of them to represent
and to vote at the Annual Meeting of Shareholders of Colonial Intermediate High
Income Fund to be held in Boston, Massachusetts, on Wednesday, May 25, 2005, and
at any adjournments thereof, all of the shares of the Trust that the undersigned
would be entitled to vote if personally present, 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.

1. TO ELECT FOUR TRUSTEES. ---------------------------------------------------
(Item 1(h.) of Notice) COLONIAL INTERMEDIATE HIGH INCOME FUND
(01) RICHARD W. LOWRY ---------------------------------------------------
(02) WILLIAM E. MAYER
(03) CHARLES R. NELSON 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS
(04) RICHARD L. WOOLWORTH MAY PROPERLY COME BEFORE THE MEETING.

FOR WITHHOLD
ALL / / / / FROM ALL
NOMINEES NOMINEES

/ /
-------------------------------------------------------
(INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY
INDIVIDUAL NOMINEE, WRITE THAT NOMINEE'S NAME IN THE SPACE
PROVIDED ABOVE.)

Mark box at right if an address change or comment has
been noted on the reverse side of this card / /

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.

Co-owner
Signature: Date: Signature: Date:
------------------------------------- ----------- ------------------------------------ -------------

COLONIAL INVESTMENT GRADE MUNICIPAL TRUST

THIS PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned shareholder hereby appoints Robert J. Fitzpatrick, Michelle H.
Rhee and Vincent P. Pietropaolo, each of them proxies of the undersigned, with
power of substitution to each, and hereby authorizes each of them to represent
and to vote at the Annual Meeting of Shareholders of Colonial Investment Grade
Municipal Trust to be held in Boston, Massachusetts, on Wednesday, May 25, 2005,
and at any adjournments thereof, all of the shares of the Trust that the
undersigned would be entitled to vote if personally present, 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 1007
VOTES AS IN
THIS EXAMPLE.

------------------------------------------
COLONIAL INVESTMENT GRADE MUNICIPAL TRUST 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS
------------------------------------------ MAY PROPERLY COME BEFORE THE MEETING.
1. TO ELECT THREE TRUSTEES.
(Item 1(b) of Notice)
(01) RICHARD W. LOWRY, (02) CHARLES R. NELSON,
(03) ANNE-LEE VERVILLE

FOR [ ] [ ] WITHHELD
ALL FROM ALL
NOMINEES NOMINEES

[ ]
--------------------------------------
For all nominees except as noted above

Mark box at right if an address change or comment has been [ ]
noted on the reverse side of this card.

Signature: Date: Signature: Date:
-------------------- ----------- -------------------- ------------

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 Robert J. Fitzpatrick, Michelle H.
Rhee and Vincent P. Pietropaolo, each of them proxies of the undersigned, with
power of substitution to each, and hereby authorizes each of them to represent
and to vote at the Annual Meeting of Shareholders of Colonial Investment Grade
Municipal Trust to be held in Boston, Massachusetts, on Wednesday, May 25, 2005,
and at any adjournments thereof, all of the shares of the Trust that the
undersigned would be entitled to vote if personally present, 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.

------------------------------------------------ 1. ELECTION OF FIVE TRUSTEES.
COLONIAL INVESTMENT GRADE MUNICIPAL TRUST (Item 1(b) of Notice)
------------------------------------------------
(01) DOUGLAS A. HACKER
(02) RICHARD W. LOWRY
Mark box at right if an address change or comment (03) CHARLES R. NELSON FOR WITHHELD
has been noted on the reverse side of this card. / / (04) THOMAS E. STITZEL ALL FROM ALL
(05) ANNE-LEE VERVILLE NOMINEES NOMINEES

/ / / /

[SHADED BOX] / /
-----------------------------------------
For all nominees except as noted above

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

-----------------------------------------------------------
Shareholder sign here Co-owner sign here RECORD DATE SHARES:

COLONIAL MUNICIPAL INCOME TRUST

THIS PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned shareholder hereby appoints Robert J. Fitzpatrick, Michelle H.
Rhee and Vincent P. Pietropaolo, each of them proxies of the undersigned, with
power of substitution to each, and hereby authorizes each of them to represent
and to vote at the Annual Meeting of Shareholders of Colonial Municipal Income
Trust to be held in Boston, Massachusetts, on Wednesday, May 25, 2005, and at
any adjournments thereof, all of the shares of the Trust that the undersigned
would be entitled to vote if personally present, 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 3486
VOTES AS IN
THIS EXAMPLE.

------------------------------------------
COLONIAL MUNICIPAL INCOME TRUST 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS
------------------------------------------ MAY PROPERLY COME BEFORE THE MEETING.
1. TO ELECT TWO TRUSTEES.
(Item 1(g) of Notice)
(01) WILLIAM E. MAYER, (02) ANNE-LEE VERVILLE

FOR [ ] [ ] WITHHELD
ALL FROM ALL
NOMINEES NOMINEES

[ ]
--------------------------------------
For all nominees except as noted above

Mark box at right if an address change or comment has been [ ]
noted on the reverse side of this card.

Signature: Date: Signature: Date:
-------------------- ----------- -------------------- ------------

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 Robert J. Fitzpatrick, Michelle H.
Rhee and Vincent P. Pietropaolo, each of them proxies of the undersigned, with
power of substitution to each, and hereby authorizes each of them to represent
and to vote at the Annual Meeting of Shareholders of Colonial Municipal Income
Trust to be held in Boston, Massachusetts, on Wednesday, May 25, 2005, and at
any adjournments thereof, all of the shares of the Trust that the undersigned
would be entitled to vote if personally present, 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.

------------------------------------- 1. ELECTION OF FOUR TRUSTEES.
COLONIAL MUNICIPAL INCOME TRUST (Item 1(g) of Notice)
-------------------------------------
(01) DOUGLAS A. HACKER
(02) WILLIAM E. MAYER
Mark box at right if an address change or comment (03) THOMAS E. STITZEL FOR WITHHELD
has been noted on the reverse of this card. / / (04) ANNE-LEE VERVILLE ALL FROM ALL
NOMINEES NOMINEES

/ / / /

[SHADED BOX] / /
-----------------------------------------
For all nominees except as noted above

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

-----------------------------------------------------------
Shareholder sign here Co-owner sign here RECORD DATE SHARES:

COLONIAL NEW YORK INSURED MUNICIPAL FUND

THIS PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned shareholder hereby appoints Robert J. Fitzpatrick, Michelle H.
Rhee and Vincent P. Pietropaolo, each of them proxies of the undersigned, with
power of substitution to each, and hereby authorizes each of them to represent
and to vote at the Annual Meeting of Shareholders of Colonial New York Insured
Municipal Fund to be held in Boston, Massachusetts, on Wednesday, May 25, 2005,
and at any adjournments thereof, all of the shares of the Trust that the
undersigned would be entitled to vote if personally present, 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 1944
VOTES AS IN
THIS EXAMPLE.

------------------------------------------
COLONIAL NEW YORK INSURED MUNICIPAL FUND 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS
------------------------------------------ MAY PROPERLY COME BEFORE THE MEETING.
1. TO ELECT TWO TRUSTEES.
(Item 1(f) of Notice)
(01) JANET LANGFORD KELLY, (02) PATRICK J. SIMPSON

FOR [ ] [ ] WITHHELD
ALL FROM ALL
NOMINEES NOMINEES

[ ]
--------------------------------------
For all nominees except as noted above

Mark box at right if an address change or comment has been [ ]
noted on the reverse side of this card.

Signature: Date: Signature: Date:
-------------------- ----------- -------------------- ------------

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 Robert J. Fitzpatrick, Michell H.
Rhee and Vincent P. Pietropaolo, each of them proxies of the undersigned, with
power of substitution to each, and hereby authorizes each of them to represent
and to vote at the Annual Meeting of Shareholders of Colonial New York Insured
Municipal Fund to be held in Boston, Massachusetts, on Wednesday, May 25, 2005,
and at any adjournments thereof, all of the shares of the Trust that the
undersigned would be entitled to vote if personally present, 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.

---------------------------------------------- 1. ELECTION OF FOUR TRUSTEES.
COLONIAL NEW YORK INSURED MUNICIPAL FUND (Item 1(f) of Notice)
----------------------------------------------
(01) DOUGLAS A. HACKER
(02) JANET LANGFORD KELLY
Mark box at right if an address change or comment (03) PATRICK J. SIMPSON FOR WITHHELD
has been noted on the reverse side of this card. / / (04) THOMAS E. STITZEL ALL FROM ALL
NOMINEES NOMINEES

/ / / /

[SHADED BOX] / /
-----------------------------------------
For all nominees except as noted above

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

-----------------------------------------------------------
Shareholder sign here Co-owner sign here RECORD DATE SHARES: