MFS HIGH YIELD MUNICIPAL TRUST — Proxy Solicitation & Information Statement 2002

Apr 25, 2002

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. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. 1) Title of each class of securities to which transaction applies: 2) Aggregate number of securities to which transaction applies: 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): 4) Proposed maximum aggregate value of transaction: 5) Total fee paid: [ ] Fee paid previously with preliminary materials: [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. 1) Amount Previously Paid: 2) Form, Schedule or Registration Statement No.: 3) Filing Party: 4) Date Filed: 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 (EACH, A "FUND"; COLLECTIVELY, THE "FUNDS") ONE FINANCIAL CENTER, BOSTON, MASSACHUSETTS 02111 (617) 426-3750 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS MAY 22, 2002 Dear Shareholder: NOTICE IS HEREBY GIVEN that the 2002 Annual Meeting of Shareholders of the Funds (the "Meeting") will be at One Financial Center, Boston, Massachusetts, on May 22, 2002, at 10:00 a.m. Eastern 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) Three 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 G-60/483J-0402 (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. (d) Colonial California Insured Municipal Fund: (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. (e) Colonial Insured Municipal Fund: (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. (f) Colonial New York Insured Municipal Fund: (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. (g) Colonial Municipal Income 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. (h) Colonial Intermediate High Income Fund: Three 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. Shareholders of record at the close of business on March 1, 2002 are entitled to notice of, and to vote at, the Meeting and any adjourned session. YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE FOR THE PROPOSALS. By order of the Board of Trustees, Jean S. Loewenberg Secretary of the Funds PLEASE RESPOND. YOUR VOTE IS IMPORTANT REGARDLESS OF THE NUMBER OF SHARES YOU OWN. YOU CAN VOTE EASILY AND QUICKLY BY MAIL OR IN PERSON. April 16, 2002 PROXY STATEMENT COLONIAL CALIFORNIA INSURED MUNICIPAL FUND (CCAIMF) COLONIAL HIGH INCOME MUNICIPAL TRUST (CHIMT) COLONIAL INSURED MUNICIPAL FUND (CIMF) COLONIAL INTERMEDIATE HIGH INCOME FUND (CIHIF) COLONIAL INTERMARKET INCOME TRUST I (CIITI) COLONIAL INVESTMENT GRADE MUNICIPAL TRUST (CIGMT) COLONIAL MUNICIPAL INCOME TRUST (CMIT) COLONIAL NEW YORK INSURED MUNICIPAL FUND (CNYIMF) (EACH, A FUND; COLLECTIVELY, THE FUNDS) ONE FINANCIAL CENTER, BOSTON, MASSACHUSETTS 02111 (617) 426-3750 ANNUAL MEETING OF SHAREHOLDERS MAY 22, 2002 This Proxy Statement is furnished in connection with the solicitation of proxies on behalf of the Board of Trustees of the Funds to be used at the Annual Meeting of Shareholders of the Funds to be held on May 22, 2002, at 10:00 a.m. Eastern time at the offices of the Funds' investment advisor, Colonial Management Associates, Inc. ("Colonial"), One Financial Center, Boston, Massachusetts, and at any adjournments thereof (such meeting 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 26, 2002, of 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 Colonial and its affiliates. 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. Hacker, Lowry and Neuhauser (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. Each will serve for three years or until a successor is elected. Messrs. Macera 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. Macera 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):

Messrs. Macera and Stitzel are subject to re-election annually by the holders of Preferred Shares of the Fund. REQUIRED VOTE With respect to Messrs. Hacker, Lowry and Neuhauser, 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. Macera and Stitzel, the affirmative vote of a plurality of the holders of Preferred Shares, present at the Meeting in person or by proxy, is required for the election of each such Trustee. 1.(b) COLONIAL INVESTMENT GRADE MUNICIPAL TRUST Messrs. Lowry and Nelson and Ms. Verville (who have each agreed to serve) are proposed for election as Trustees of the Fund and are to be elected by the holders 2 of Common Shares and Preferred Shares, voting together as a single class. Each will serve for three years or until a successor is elected. Messrs. Macera 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. Macera 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):

Messrs. Macera and Stitzel are subject to re-election annually by the holders of Preferred Shares of the Fund. REQUIRED VOTE With respect to Messrs. Lowry and Nelson and Ms. Verville, 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. Macera and Stitzel, the affirmative vote of a plurality of the holders of Preferred Shares, present at the Meeting in person or by proxy, is required for the election of each such Trustee. 1.(c) COLONIAL INTERMARKET INCOME TRUST I Messrs. Lowry, Mayer and Stitzel and Ms. Verville (who have each agreed to serve) are proposed for election as Trustees of the Fund. Each will 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): 3

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 Messrs. Hacker and Palombo and Ms. Kelly (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. Each will serve for three years or until a successor is elected. Messrs. Macera 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. Macera 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):

Messrs. Macera and Stitzel are subject to re-election annually by the holders of Preferred Shares of the Fund. 4 REQUIRED VOTE With respect to Messrs. Hacker and Palombo and Ms. Kelly, 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. Macera 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 Messrs. Hacker and Palombo and Ms. Kelly (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. Each will serve for three years or until a successor is elected. Messrs. Macera 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. Macera 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):

Messrs. Macera and Stitzel are subject to re-election annually by the holders of Preferred Shares of the Fund. REQUIRED VOTE With respect to Messrs. Hacker and Palombo and Ms. Kelly, 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. Macera and Stitzel, the affirmative vote of a plurality of the holders of 5 Preferred Shares, present at the Meeting in person or by proxy, is required for the election of each such Trustee. 1.(f) COLONIAL NEW YORK INSURED MUNICIPAL FUND Messrs. Hacker and Palombo and Ms. Kelly (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. Each will serve for three years or until a successor is elected. Messrs. Macera 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. Macera 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):

Messrs. Macera and Stitzel are subject to re-election annually by the holders of Preferred Shares of the Fund. REQUIRED VOTE With respect to Messrs. Hacker and Palombo and Ms. Kelly, 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. Macera 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.(g) COLONIAL MUNICIPAL INCOME TRUST Messrs. Mayer and Palombo and Ms. Verville (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. Each will serve for three years or until a successor is elected. Messrs. 6 Macera 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. Macera 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):

Messrs. Macera and Stitzel are subject to re-election annually by the holders of Preferred Shares of the Fund. REQUIRED VOTE With respect to Messrs. Mayer and Palombo and Ms. Verville, 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. Macera 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 and Nelson (who have each agreed to serve) are proposed for election as Trustees of the Fund. Each will 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):

7 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 the Funds' Board of Trustees also serve as Trustees on the boards for all other funds within the "Liberty Funds Complex." As of December 31, 2001, the Liberty Funds Complex included the Liberty family of funds, which consisted of 54 open-end and 8 closed-end funds, and the Stein Roe family of funds, which consisted of 40 open-end funds and 1 limited liability company. The Funds' Board of Trustees holds it meetings concurrently with the board meetings for each of the other funds within the Liberty Funds Complex ("joint Board meetings"). For the fiscal year ended October 31, 2001, CIHIF held eleven meetings (six regular joint Board meetings and five special joint Board meetings). For the fiscal year ended November 30, 2001, all other Funds held twelve meetings (six regular joint Board meetings and six special joint Board meetings). Two-thirds of the Trustees' fees are allocated among the Liberty Funds Complex based on the relative net assets of each fund and one-third of the fees is divided equally among the funds within the Liberty Funds Complex. FOR MORE INFORMATION REGARDING THE COMPENSATION OF THE TRUSTEES, SEE APPENDIX B.1 AND APPENDIX B.2 TO THIS PROXY STATEMENT. TRUSTEE SHARE OWNERSHIP The table in Appendix C shows, as of December 31, 2001, 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 Liberty Funds Complex. 8 TRUSTEES' MEETINGS AND COMMITTEES The Board of Trustees is responsible for the overall management and supervision of the Funds' affairs and for protecting the interests of shareholders. The Board of Trustees 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 during the last fiscal year. 1. AUDIT COMMITTEE Each Fund has an 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) of any Fund. The Audit Committee is responsible for: recommending to the Board the firm of independent accountants to be selected to perform the audit of each Fund; reviewing the methods, scope and results of the audits and the fees charged for such services; and reviewing the Funds' internal accounting procedures and controls. The Funds have no nominating or compensation committee. In discharging its oversight responsibility for the audit process, the Audit Committee discussed with management the process for the preparation and review of the audited financial statements for the last fiscal year. 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 Audit Committee also reviewed the non-audit services provided by the independent accountants of the Funds. The independent accountants for the Funds, PricewaterhouseCoopers LLP ("PwC"), discussed with the Board the matters required to be discussed by Statement on Auditing Standards No. 61. In addition, the Audit Committee obtained from the independent accountants a formal written statement consistent with Independence Standards Board Standard No. 1, "Independence Discussions with Audit Committees," describing all relationships between the independent accountants and the Funds that might bear on the independent accountants' independence. The Audit Committee also discussed with the independent accountants any relationships that may impact objectivity and independence and satisfied itself as to the independent accountants' independence. Based on the recommendation from the Audit Committee and on its own review, the Board of Trustees selected PwC as independent accountants for the Funds for the fiscal 9 year ending October 31, 2002 or November 30, 2002, as the case may be. Representatives of PwC are not expected to be present at the Meeting. The Board of Trustees has adopted a written charter that sets forth the Audit Committee's structure, duties and powers, and methods of operation. The Audit Committee Charter is attached as Appendix F. 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 of Trustees 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. The Funds' Audit Committee members for 2001 were Ms. Verville and Messrs. Hacker, Macera, Nelson and Neuhauser. Each member of the Audit Committee meets the independence standards of the NYSE and AMEX listing standards. 2. GOVERNANCE COMMITTEE Ms. Verville and Messrs. Hacker, Lowry, Mayer and Theobald are members of the Governance Committee. The Governance Committee's functions include: recommending to the Trustees nominees for Trustee and nominees for appointment to various committees; performing periodic evaluations of the effectiveness of the Board; reviewing and recommending to the Board policies and practices to be followed in carrying out the Trustees' duties and responsibilities; and reviewing and making recommendations to the Board regarding the compensation of the Trustees who are not affiliated with Colonial. The Governance Committee will consider candidates for Trustee recommended by shareholders. Written recommendations for candidates for Trustee, along with supporting information, should be directed to the Governance Committee, in care of your Fund. 3. ADVISORY FEES & EXPENSES COMMITTEE Ms. Kelly and Messrs. Mayer, Neuhauser, Stitzel and Theobald are members of the Advisory Fees & Expenses Committee. 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. 10 4. TRADING OVERSIGHT COMMITTEE Ms. Kelly and Messrs. Lowry, Macera, Nelson and Stitzel are members of the Trading Oversight Committee. The Trading Oversight Committee's functions include reviewing and recommending to the Board the policies and practices to be followed by Colonial in executing portfolio trades on behalf of the Funds and regularly reviewing the allocation of the Funds' portfolio transactions among executing broker/dealers, the level of commission payments, soft dollar commitments, directed brokerage arrangements and other trading practices.

FEES PAID TO INDEPENDENT ACCOUNTANTS 1. AUDIT FEES For the audit of each Fund's annual financial statements for the most recently completed fiscal year, the fees paid or accrued to PwC are as follows:

11 2. FINANCIAL INFORMATION SYSTEMS DESIGN AND IMPLEMENTATION FEES For each Fund's most recently completed fiscal year, neither the Funds, Colonial, nor any entity controlling, controlled by, or under common control with Colonial that provides services to the Funds, paid or accrued any fees for financial information systems design and implementation services by PwC. 3. ALL OTHER FEES The fees paid or accrued by each Fund to PwC for tax services and all other services for the most recently completed fiscal year are as follows:

In addition, for all other services provided by PwC to Colonial, and entities controlling, controlled by, or under common control with Colonial that provide services to the Funds, aggregate fees paid or accrued to PwC were $296,000. The Audit Committee has determined that the provision of the services described above is compatible with maintaining the independence of PwC. 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. 12 OUTSTANDING SHARES AND SIGNIFICANT SHAREHOLDERS All shareholders of record at the close of business on March 1, 2002, 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 March 1, 2002, 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 based on filings made by such holders pursuant to Sections 13(d) and 16(a) of the Securities Exchange Act of 1934, as amended. INFORMATION ABOUT THE MEETING AND THE VOTING AND TABULATION OF PROXIES All proxies solicited by the Board of Trustees 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 the 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 the 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 by proxy, constitutes a quorum for the transaction of business by the shareholders of that Fund. The election of Trustees is by plurality of votes cast at the Meeting. Only shareholders of record on March 1, 2002 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 13 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 Securities Exchange Committee (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 2003 Annual Meeting must be received by the relevant Fund on or before December 27, 2002. 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 2003 Annual Meeting that will not be included in the Funds' proxy materials must notify the relevant Fund on or about March 12, 2002. 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. 14 You may submit shareholder proposals to the Secretary of the Liberty Funds, One Financial Center, Boston, Massachusetts 02111-2621. COMPLIANCE WITH SECTION 16(a) OF THE SECURITIES EXCHANGE ACT OF 1934 (BENEFICIAL OWNERSHIP REPORTING) 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 the Funds' outstanding shares and certain officers and directors of the Advisor (collectively, "Section 16 reporting persons"), to file with the SEC initial reports of ownership and reports of changes in ownership of Fund shares. Section 16 reporting persons are required by SEC regulations to furnish the Funds with copies of all Section 16(a) forms that they file. To the Funds' knowledge, based solely on a review of the copies of such reports furnished to the Funds, and on representations made, 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 AND ANY SUBSEQUENT SEMI-ANNUAL REPORT TO ITS SHAREHOLDERS. YOU MAY OBTAIN A COPY OF THESE REPORTS, FREE OF CHARGE, BY WRITING TO COLONIAL AT ONE FINANCIAL CENTER, BOSTON, MA, 02111-2621, OR BY CALLING 1-800-426-3750. 15 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 Liberty Funds 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. TRUSTEES

16

17

18

19

20

21

22

23

24

25

• Mr. Mayer is an "interested person" (as defined in the Investment Company Act of 1940, as amended) by reason of his affiliation with WR Hambrecht + Co., a registered broker-dealer. Mr. Palombo is an interested person because he is an employee of Columbia Management Group, Inc., an affiliate of Colonial. 26

27

28

29 APPENDIX B.1 - TRUSTEES' COMPENSATION For the calendar year ended December 31, 2001, the Trustees received from the Fund Complex the following compensation for serving as Trustees:

(a) The Funds do not currently provide pension or retirement plan benefits to the Trustees. (b) The Fund Complex includes all funds within the Liberty Funds Complex and the All-Star family of funds, which consisted of 2 closed-end funds (the "All-Star Funds") as of December 31, 2001. As of December 27, 2000, the boards of trustees of the Liberty Funds and Stein Roe Funds were effectively combined into a single board for the Liberty Funds and Stein Roe Funds. The All-Star Funds have separate boards of directors. (c) In connection with the combination of the Liberty and Stein Roe boards of trustees, Messrs. Bacon, Bleasdale, Boyd, Grinnell and Moody and Ms. Collins will receive $95,000, $103,000, $50,000, $75,000, $91,000, and $96,000, respectively, for retiring prior to their respective board's mandatory retirement age. This payment 30 will continue for the lesser of two years or until the date the Trustee would otherwise have retired at age 72. The payments, which began in 2001, are paid quarterly. FleetBoston Financial Corporation ("FleetBoston") and the Liberty Funds Complex will each bear one-half of the cost of the payments. The portion of the payments borne by FleetBoston was paid by Liberty Financial Companies, Inc. ("LFC") prior to November 1, 2001, when the asset management business of LFC was acquired by Fleet National Bank, a subsidiary of FleetBoston. The Liberty Funds Complex portion of the payments will be allocated among the Liberty Funds Complex based on each fund's share of the Trustee fees for 2000. (d) During the calendar year ended December 31, 2001, Mr. Bleasdale deferred his total compensation of $103,000 pursuant to the deferred compensation plan. (e) Mr. Palombo does not receive compensation from the funds in the Liberty Fund Complex because he is an employee of Columbia Management Group, Inc. which is an affiliate of Colonial. (f) During the calendar year ended December 31, 2001, Ms. Verville deferred her total compensation of $114,000, pursuant to the deferred compensation plan. 31 APPENDIX B.2 - TRUSTEES' COMPENSATION For the fiscal year ended November 30, 2001 (October 31, 2001 for the CIHIF), the Trustees received from each Fund the following compensation for serving as Trustees:

32

(a) During the fiscal year ended November 30, 2001, Ms. Verville deferred her total compensation from the Funds of $1,402, $913, $683 and $577 pursuant to the deferred compensation plan. 33

34

(b) During the fiscal year ended November 30, 2001 (October 31, 2001 for CIHIF), Ms. Verville deferred her total compensation from the Funds of $679, $490, $1,131 and $647 pursuant to the deferred compensation plan. 35 APPENDIX C - TRUSTEE SHARE OWNERSHIP The following table shows the dollar range of equity securities beneficially owned by each Trustee as of December 31, 2001 (i) in the Funds and (ii) in other funds within Liberty Funds Complex and the All-Star Funds overseen by the Trustees.

(a) Trustee also serves as a Trustee/Director of the All-Star Funds. TRUSTEE POSITIONS As of December 31, 2001, no disinterested Trustee or any of their immediate family members owned beneficially or of record any class of securities of FleetBoston Financial, Colonial, another investment advisor, sub-advisor or portfolio manager of any of the Funds in the Liberty Funds Complex, the All-Star Funds or any person controlling, controlled by or under common control with any such entity. 36 APPENDIX D - SHARES OUTSTANDING AND ENTITLED TO VOTE On March 1, 2002, the Funds had outstanding and entitled to vote at the Meeting the following shares of beneficial interest:

37 APPENDIX E - OWNERSHIP OF SHARES On March 1, 2002, the following persons were known to own beneficially or of record more than 5% of the outstanding securities of the Funds:

38 APPENDIX F - AUDIT COMMITTEE CHARTER AUDIT COMMITTEE CHARTER (Adopted August 14, 2001) I. COMPOSITION OF THE AUDIT COMMITTEE. The Audit Committee shall be comprised of at least three Board members, none of whom shall be an "interested" Board member as defined in the Investment Company Act of 1940, or have any other relationship with the Liberty group of mutual funds (the "Funds") that may interfere with their exercise of independence from management and the Funds and shall otherwise satisfy any applicable membership requirements under the rules of the New York Stock Exchange, Inc., National Association of Securities Dealers, Inc. and American Stock Exchange, Inc. II. PURPOSES OF THE AUDIT COMMITTEE. The purposes of the Audit Committee are to assist the Board in: 1. Its oversight of the Funds' accounting and financial reporting policies and practices and of accounting services provided to the Funds, including internal accounting controls and procedures; 2. Its oversight of the quality and objectivity of the Funds' financial statements and the independent audit thereof; 3. Recommending the independent auditors to be selected by the Board, evaluating and, where deemed appropriate, recommending replacing the outside auditors. The function of the Audit Committee is oversight. Management of the Funds is responsible for the preparation, presentation and integrity of the Funds' financial statements. Management and its internal accounting department are responsible for maintaining appropriate accounting and financial reporting principles and policies and internal controls and procedures designed to assure compliance with accounting standards and applicable laws and regulations. Independent auditors are responsible for planning and carrying out proper audits and reviews. The independent auditors are ultimately 39 accountable to the Board and Audit Committee of the Board. The Board has the ultimate authority and responsibility to select, evaluate and, where appropriate, replace the independent auditors. III. MEETINGS OF THE AUDIT COMMITTEE. The Audit Committee shall meet at least twice annually, or more frequently if circumstances dictate. The Audit Committee shall set its agenda and the places and times of its meetings. The Audit Committee may meet alone, without the presence of management personnel, with any independent accounting firm rendering reports to the Audit Committee or with independent legal counsel. The Audit Committee shall keep minutes of its meetings. IV. DUTIES AND POWERS OF THE AUDIT COMMITTEE. To carry out its purposes, the Audit Committee shall have the following duties and powers: 1. The Audit Committee shall review and discuss the audited financial statements and other financial information with management and the independent auditors for the Funds. Such review and discussion will include any management letters, auditor recommendations to management, and valuation procedures and fair valuation methodologies employed with regard to the Funds. 2. The Audit Committee shall review and discuss with the independent auditors: the scope of audits and audit reports; the personnel, staffing, qualifications and experience of the auditors; the compensation of the auditors; and the independence of the auditors, regarding which the Audit Committee shall secure from the auditors the information required by Independence Standards Board Standard No. 1. The Audit Committee shall actively engage in a dialogue with the independent auditors with respect to any disclosed relationships or services that may impact the objectivity and independence of the independent auditors. The Audit Committee also shall be responsible for recommending that the Board of Trustees take appropriate action in response to the independent auditors' report to satisfy itself of the independent auditors' independence. 3. The Audit Committee also shall review and discuss with the independent auditors the matters required to be discussed pursuant to SAS 61, including the following: 40 (a) the quality, not just the acceptability under generally accepted accounting principles, of the accounting principles applied by the Funds in their financial reporting; (b) the level of responsibility assumed by the auditors in the preparation of the audit; (c) the initial selection of and changes in significant accounting policies or their application, and the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative consensus or guidance; (d) the process used by management of the Funds in formulating particularly sensitive accounting estimates and the basis for the auditors' conclusions regarding the reasonableness of those estimates; (e) the auditors' responsibility for other information in documents containing audited financial statements, any procedures performed, and the results of such procedures; (f) any disagreements with management, whether or not satisfactorily resolved, about matters that individually or in the aggregate could be significant to a Fund's financial statements or the auditors' report; (g) any consultations with other accountants and significant matters that were the subject of such consultations; (h) any major issues discussed with management in connection with the initial or recurring retention of the auditors, including the application of accounting principles and auditing standards; and (i) any serious difficulties relating to the performance of the audit that the auditors encountered with management. 4. In the case of a closed-end fund whose shares are listed on a stock exchange, the Audit Committee shall prepare any report, including any recommendation of the Audit Committee, required by the rules of the Securities and Exchange Commission to be included in the Funds' proxy statements. 41 5. The Audit Committee shall review this charter at least annually and recommend any changes to the full Board of Trustees; and 6. The Audit Committee shall report its activities to the full Board of Trustees on a regular basis and make such recommendations with respect to the above and other matters as the Audit Committee may deem necessary or appropriate. V. RESOURCES AND AUTHORITY OF THE AUDIT COMMITTEE. The Audit Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to engage independent auditors for special audits, reviews and other procedures and to retain special counsel and other experts or consultants at the expense of the Funds. 42 COLONIAL CALIFORNIA INSURED MUNICIPAL FUND This Proxy Solicited on Behalf of the Board of Trustees The undersigned shareholder hereby appoints Keith T. Banks, Ellen Harrington, Kevin S. Jacobs, Russell L. Kane, Robert R. Leveille and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power of substitution, to vote at the Annual Meeting of Shareholders of Colonial California Insured Municipal Fund to be held in Boston, Massachusetts, on Wednesday, May 22, 2002, and at any adjournments, as follows on the reverse side of this card. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND, ABSENT DIRECTION, WILL BE VOTED FOR THE ITEMS ON THE REVERSE SIDE. THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER MATTER. THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE REVERSE SIDE. - -------------------------------------------------------------------------------- PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- COLONIAL CALIFORNIA INSURED MUNICIPAL FUND MUNICIPAL AUCTION RATE CUMULATIVE PREFERRED SHARES This Proxy Solicited on Behalf of the Board of Trustees The undersigned shareholder hereby appoints Keith T. Banks, Ellen Harrington, Kevin S. Jacobs, Russell L. Kane, Robert R. Leveille and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power of substitution, to vote at the Annual Meeting of Shareholders of Colonial California Insured Municipal Fund to be held in Boston, Massachusetts, on Wednesday, May 22, 2002, and at any adjournments, as follows on the reverse side of this card. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND, ABSENT DIRECTION, WILL BE VOTED FOR THE ITEMS ON THE REVERSE SIDE. THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER MATTER. THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE REVERSE SIDE. - -------------------------------------------------------------------------------- PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- [PREFERRED SHARES] [X] PLEASE MARK VOTES AS IN THIS EXAMPLE COLONIAL CALIFORNIA INSURED MUNICIPAL FUND 1. TO ELECT FIVE TRUSTEES. (Item 1(d) of Notice) For All With- For All Nominees hold Except [ ] [ ] [ ] Mark box at right if an address change [ ] or comment has been Noted on the reverse side of this card (01) DOUGLAS A. HACKER (02) JANET LANGFORD KELLY (03) SALVATORE MACERA (04) JOSEPH R. PALOMBO (05) THOMAS E. STITZEL Instruction: To withhold authority to vote for any individual nominee, mark the "For all except" box and strike a line through the name(s) of the nominee(s). Your shares will be voted for the remaining nominee(s). 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. Please sign exactly as name(s) appear(s) hereon. Joint owners should each sign personally. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in corporate name by President or other authorized officer. If a partnership, please sign in partnership name by authorized person. Please be sure to sign and date this proxy Date __ Shareholder sign here ____ Co-owner sign here ____ [COMMON SHARES] [X] PLEASE MARK VOTES AS IN THIS EXAMPLE COLONIAL CALIFORNIA INSURED MUNICIPAL FUND 1. TO ELECT THREE TRUSTEES. (Item 1(d) of Notice) For All With- For All Nominees hold Except [ ] [ ] [ ] Mark box at right if an address change [ ] or comment has been Noted on the reverse side of this card (01) DOUGLAS A. HACKER (02) JANET LANGFORD KELLY (03) JOSEPH R. PALOMBO Instruction: To withhold authority to vote for any individual nominee, mark the "For all except" box and strike a line through the name(s) of the nominee(s). Your shares will be voted for the remaining nominee(s). 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. Please sign exactly as name(s) appear(s) hereon. Joint owners should each sign personally. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in corporate name by President or other authorized officer. If a partnership, please sign in partnership name by authorized person. Please be sure to sign and date this proxy Date __ Shareholder sign here ___ Co-owner sign here ____ COLONIAL HIGH INCOME MUNICIPAL TRUST This Proxy Solicited on Behalf of the Board of Trustees The undersigned shareholder hereby appoints Keith T. Banks, Ellen Harrington, Kevin S. Jacobs, Russell L. Kane, Robert R. Leveille and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power of substitution, to vote at the Annual Meeting of Shareholders of Colonial High Income Municipal Trust to be held in Boston, Massachusetts, on Wednesday, May 22, 2002, and at any adjournments, as follows on the reverse side of this card. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND, ABSENT DIRECTION, WILL BE VOTED FOR THE ITEMS ON THE REVERSE SIDE. THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER MATTER. THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE REVERSE SIDE. - -------------------------------------------------------------------------------- PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- COLONIAL 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 Keith T. Banks, Ellen Harrington, Kevin S. Jacobs, Russell L. Kane, Robert R. Leveille and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power of substitution, to vote at the Annual Meeting of Shareholders of Colonial High Income Municipal Trust to be held in Boston, Massachusetts, on Wednesday, May 22, 2002, and at any adjournments, as follows on the reverse side of this card. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND, ABSENT DIRECTION, WILL BE VOTED FOR THE ITEMS ON THE REVERSE SIDE. THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER MATTER. THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE REVERSE SIDE. - -------------------------------------------------------------------------------- PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- [COMMON SHARES] [X] PLEASE MARK VOTES AS IN THIS EXAMPLE COLONIAL HIGH INCOME MUNICIPAL TRUST 1. TO ELECT THREE TRUSTEES. (Item 1(a) of Notice) For All With- For All Nominees hold Except [ ] [ ] [ ] Mark box at right if an address change [ ] or comment has been Noted on the reverse side of this card (01) DOUGLAS A. HACKER (02) RICHARD W. LOWRY (03) JOHN J. NEUHAUSER Instruction: To withhold authority to vote for any individual nominee, mark the "For all except" box and strike a line through the name(s) of the nominee(s). Your shares will be voted for the remaining nominee(s). 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. Please sign exactly as name(s) appear(s) hereon. Joint owners should each sign personally. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in corporate name by President or other authorized officer. If a partnership, please sign in partnership name by authorized person. Please be sure to sign and date this proxy Date __ Shareholder sign here ____ Co-owner sign here ____ [PREFERRED SHARES] [X] PLEASE MARK VOTES AS IN THIS EXAMPLE COLONIAL HIGH INCOME MUNICIPAL TRUST 1. TO ELECT FIVE TRUSTEES. (Item 1(a) of Notice) For All With- For All Nominees hold Except [ ] [ ] [ ] Mark box at right if an address change [ ] or comment has been Noted on the reverse side of this card (01) DOUGLAS A. HACKER (02) RICHARD W. LOWRY (03) SALVATORE MACERA (04) JOHN J. NEUHAUSER (05) THOMAS E. STITZEL Instruction: To withhold authority to vote for any individual nominee, mark the "For all except" box and strike a line through the name(s) of the nominee(s). Your shares will be voted for the remaining nominee(s). 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. Please sign exactly as name(s) appear(s) hereon. Joint owners should each sign personally. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in corporate name by President or other authorized officer. If a partnership, please sign in partnership name by authorized person. Please be sure to sign and date this proxy Date __ Shareholder sign here ___ Co-owner sign here ____ COLONIAL INVESTMENT GRADE MUNICIPAL TRUST This Proxy Solicited on Behalf of the Board of Trustees The undersigned shareholder hereby appoints Keith T. Banks, Ellen Harrington, Kevin S. Jacobs, Russell L. Kane, Robert R. Leveille and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power of substitution, to vote at the Annual Meeting of Shareholders of Colonial Investment Grade Municipal Trust to be held in Boston, Massachusetts, on Wednesday, May 22, 2002, and at any adjournments, as follows on the reverse side of this card. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND, ABSENT DIRECTION, WILL BE VOTED FOR THE ITEMS ON THE REVERSE SIDE. THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER MATTER. THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE REVERSE SIDE. - -------------------------------------------------------------------------------- PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- COLONIAL 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 Keith T. Banks, Ellen Harrington, Kevin S. Jacobs, Russell L. Kane, Robert R. Leveille and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power of substitution, to vote at the Annual Meeting of Shareholders of Colonial Investment Grade Municipal Trust to be held in Boston, Massachusetts, on Wednesday, May 22, 2002, and at any adjournments, as follows on the reverse side of this card. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND, ABSENT DIRECTION, WILL BE VOTED FOR THE ITEMS ON THE REVERSE SIDE. THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER MATTER. THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE REVERSE SIDE. - -------------------------------------------------------------------------------- PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- [COMMON SHARES] [X] PLEASE MARK VOTES AS IN THIS EXAMPLE COLONIAL INVESTMENT GRADE MUNICIPAL TRUST 1. TO ELECT THREE TRUSTEES. (Item 1(b) of Notice) For All With- For All Nominees hold Except [ ] [ ] [ ] Mark box at right if an address change [ ] or comment has been Noted on the reverse side of this card (01) RICHARD W. LOWRY (02) CHARLES R. NELSON (03) ANNE-LEE VERVILLE Instruction: To withhold authority to vote for any individual nominee, mark the "For all except" box and strike a line through the name(s) of the nominee(s). Your shares will be voted for the remaining nominee(s). 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. Please sign exactly as name(s) appear(s) hereon. Joint owners should each sign personally. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in corporate name by President or other authorized officer. If a partnership, please sign in partnership name by authorized person. Please be sure to sign and date this proxy Date __ Shareholder sign here ____ Co-owner sign here ____ [PREFERRED SHARES] [X] PLEASE MARK VOTES AS IN THIS EXAMPLE COLONIAL INVESTMENT GRADE MUNICIPAL TRUST 1. TO ELECT FIVE TRUSTEES. (Item 1(b) of Notice) For All With- For All Nominees hold Except [ ] [ ] [ ] Mark box at right if an address change [ ] or comment has been Noted on the reverse side of this card (01) RICHARD W. LOWRY (02) SALVATORE MACERA (03) CHARLES R. NELSON (04) THOMAS E. STITZEL (05) ANNE-LEE VERVILLE Instruction: To withhold authority to vote for any individual nominee, mark the "For all except" box and strike a line through the name(s) of the nominee(s). Your shares will be voted for the remaining nominee(s). 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. Please sign exactly as name(s) appear(s) hereon. Joint owners should each sign personally. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in corporate name by President or other authorized officer. If a partnership, please sign in partnership name by authorized person. Please be sure to sign and date this proxy Date __ Shareholder sign here ___ Co-owner sign here ____ COLONIAL INTERMEDIATE HIGH INCOME FUND This Proxy Solicited on Behalf of the Board of Trustees The undersigned shareholder hereby appoints Keith T. Banks, Ellen Harrington, Kevin S. Jacobs, Russell L. Kane, Robert R. Leveille and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power of substitution, to vote at the Annual Meeting of Shareholders of Colonial Intermediate High Income Fund to be held in Boston, Massachusetts, on Wednesday, May 22, 2002, and at any adjournments, as follows on the reverse side of this card. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND, ABSENT DIRECTION, WILL BE VOTED FOR THE ITEMS ON THE REVERSE SIDE. THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER MATTER. THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE REVERSE SIDE. - -------------------------------------------------------------------------------- PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- [X] PLEASE MARK VOTES AS IN THIS EXAMPLE COLONIAL INTERMEDIATE HIGH INCOME FUND 1. TO ELECT THREE TRUSTEES. (Item 1(h) of Notice) For All With- For All Nominees hold Except [ ] [ ] [ ] Mark box at right if an address change [ ] or comment has been Noted on the reverse side of this card (01) RICHARD W. LOWRY (02) WILLIAM E. MAYER (03) CHARLES R. NELSON Instruction: To withhold authority to vote for any individual nominee, mark the "For all except" box and strike a line through the name(s) of the nominee(s). Your shares will be voted for the remaining nominee(s). 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. Please sign exactly as name(s) appear(s) hereon. Joint owners should each sign personally. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in corporate name by President or other authorized officer. If a partnership, please sign in partnership name by authorized person. Please be sure to sign and date this proxy Date __ Shareholder sign here ____ Co-owner sign here ____ COLONIAL INTERMARKET INCOME TRUST I This Proxy Solicited on Behalf of the Board of Trustees The undersigned shareholder hereby appoints Keith T. Banks, Ellen Harrington, Kevin S. Jacobs, Russell L. Kane, Robert R. Leveille and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power of substitution, to vote at the Annual Meeting of Shareholders of Colonial Intermarket Income Trust I to be held in Boston, Massachusetts, on Wednesday, May 22, 2002, and at any adjournments, as follows on the reverse side of this card. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND, ABSENT DIRECTION, WILL BE VOTED FOR THE ITEMS ON THE REVERSE SIDE. THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER MATTER. THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE REVERSE SIDE. - -------------------------------------------------------------------------------- PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- [X] PLEASE MARK VOTES AS IN THIS EXAMPLE COLONIAL INTERMARKET INCOME TRUST I 1. TO ELECT FOUR TRUSTEES. (Item 1(c) of Notice) For All With- For All Nominees hold Except [ ] [ ] [ ] Mark box at right if an address change [ ] or comment has been Noted on the reverse side of this card (01) RICHARD W. LOWRY (02) WILLIAM E. MAYER (03) THOMAS E. STITZEL (04) ANNE-LEE VERVILLE Instruction: To withhold authority to vote for any individual nominee, mark the "For all except" box and strike a line through the name(s) of the nominee(s). Your shares will be voted for the remaining nominee(s). 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. Please sign exactly as name(s) appear(s) hereon. Joint owners should each sign personally. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in corporate name by President or other authorized officer. If a partnership, please sign in partnership name by authorized person. Please be sure to sign and date this proxy Date __ Shareholder sign here ___ Co-owner sign here ____ COLONIAL INSURED MUNICIPAL FUND This Proxy Solicited on Behalf of the Board of Trustees The undersigned shareholder hereby appoints Keith T. Banks, Ellen Harrington, Kevin S. Jacobs, Russell L. Kane, Robert R. Leveille and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power of substitution, to vote at the Annual Meeting of Shareholders of Colonial Insured Municipal Fund to be held in Boston, Massachusetts, on Wednesday, May 22, 2002, and at any adjournments, as follows on the reverse side of this card. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND, ABSENT DIRECTION, WILL BE VOTED FOR THE ITEMS ON THE REVERSE SIDE. THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER MATTER. THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE REVERSE SIDE. - -------------------------------------------------------------------------------- PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- COLONIAL INSURED MUNICIPAL FUND MUNICIPAL AUCTION RATE CUMULATIVE PREFERRED SHARES This Proxy Solicited on Behalf of the Board of Trustees The undersigned shareholder hereby appoints Keith T. Banks, Ellen Harrington, Kevin S. Jacobs, Russell L. Kane, Robert R. Leveille and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power of substitution, to vote at the Annual Meeting of Shareholders of Colonial Insured Municipal Fund to be held in Boston, Massachusetts, on Wednesday, May 22, 2002, and at any adjournments, as follows on the reverse side of this card. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND, ABSENT DIRECTION, WILL BE VOTED FOR THE ITEMS ON THE REVERSE SIDE. THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER MATTER. THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE REVERSE SIDE. - -------------------------------------------------------------------------------- PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- [PREFERRED SHARES] [X] PLEASE MARK VOTES AS IN THIS EXAMPLE COLONIAL INSURED MUNICIPAL FUND 1. TO ELECT FIVE TRUSTEES. (Item 1(e) of Notice) For All With- For All Nominees hold Except [ ] [ ] [ ] Mark box at right if an address change [ ] or comment has been Noted on the reverse side of this card (01) DOUGLAS A. HACKER (02) JANET LANGFORD KELLY (03) SALVATORE MACERA (04) JOSEPH R. PALOMBO (05) THOMAS E. STITZEL Instruction: To withhold authority to vote for any individual nominee, mark the "For all except" box and strike a line through the name(s) of the nominee(s). Your shares will be voted for the remaining nominee(s). 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. Please sign exactly as name(s) appear(s) hereon. Joint owners should each sign personally. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in corporate name by President or other authorized officer. If a partnership, please sign in partnership name by authorized person. Please be sure to sign and date this proxy Date __ Shareholder sign here ____ Co-owner sign here ____ [COMMON SHARES] [X] PLEASE MARK VOTES AS IN THIS EXAMPLE COLONIAL INSURED MUNICIPAL FUND 1. TO ELECT THREE TRUSTEES. (Item 1(e) of Notice) For All With- For All Nominees hold Except [ ] [ ] [ ] Mark box at right if an address change [ ] or comment has been Noted on the reverse side of this card (01) DOUGLAS A. HACKER (02) JANET LANGFORD KELLY (03) JOSEPH R. PALOMBO Instruction: To withhold authority to vote for any individual nominee, mark the "For all except" box and strike a line through the name(s) of the nominee(s). Your shares will be voted for the remaining nominee(s). 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. Please sign exactly as name(s) appear(s) hereon. Joint owners should each sign personally. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in corporate name by President or other authorized officer. If a partnership, please sign in partnership name by authorized person. Please be sure to sign and date this proxy Date __ Shareholder sign here ___ Co-owner sign here ____ COLONIAL MUNICIPAL INCOME TRUST This Proxy Solicited on Behalf of the Board of Trustees The undersigned shareholder hereby appoints Keith T. Banks, Ellen Harrington, Kevin S. Jacobs, Russell L. Kane, Robert R. Leveille and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power of substitution, to vote at the Annual Meeting of Shareholders of Colonial Municipal Income Trust to be held in Boston, Massachusetts, on Wednesday, May 22, 2002, and at any adjournments, as follows on the reverse side of this card. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND, ABSENT DIRECTION, WILL BE VOTED FOR THE ITEMS ON THE REVERSE SIDE. THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER MATTER. THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE REVERSE SIDE. - -------------------------------------------------------------------------------- PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- COLONIAL MUNICIPAL INCOME TRUST MUNICIPAL AUCTION RATE CUMULATIVE PREFERRED SHARES This Proxy Solicited on Behalf of the Board of Trustees The undersigned shareholder hereby appoints Keith T. Banks, Ellen Harrington, Kevin S. Jacobs, Russell L. Kane, Robert R. Leveille and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power of substitution, to vote at the Annual Meeting of Shareholders of Colonial Municipal Income Trust to be held in Boston, Massachusetts, on Wednesday, May 22, 2002, and at any adjournments, as follows on the reverse side of this card. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND, ABSENT DIRECTION, WILL BE VOTED FOR THE ITEMS ON THE REVERSE SIDE. THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER MATTER. THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE REVERSE SIDE. - -------------------------------------------------------------------------------- PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- [COMMON SHARES] [X] PLEASE MARK VOTES AS IN THIS EXAMPLE COLONIAL MUNICIPAL INCOME TRUST 1. TO ELECT THREE TRUSTEES. (Item 1(g) of Notice) For All With- For All Nominees hold Except [ ] [ ] [ ] Mark box at right if an address change [ ] or comment has been Noted on the reverse side of this card (01) WILLIAM E. MAYER (02) JOSEPH R. PALOMBO (03) ANNE-LEE VERVILLE Instruction: To withhold authority to vote for any individual nominee, mark the "For all except" box and strike a line through the name(s) of the nominee(s). Your shares will be voted for the remaining nominee(s). 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. Please sign exactly as name(s) appear(s) hereon. Joint owners should each sign personally. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in corporate name by President or other authorized officer. If a partnership, please sign in partnership name by authorized person. Please be sure to sign and date this proxy Date __ Shareholder sign here ____ Co-owner sign here ____ [PREFERED SHARES] [X] PLEASE MARK VOTES AS IN THIS EXAMPLE COLONIAL MUNICIPAL INCOME TRUST 1. TO ELECT FIVE TRUSTEES. (Item 1(g) of Notice) For All With- For All Nominees hold Except [ ] [ ] [ ] Mark box at right if an address change [ ] or comment has been Noted on the reverse side of this card (01) SALVATORE MACERA (02) WILLIAM E. MAYER (03) JOSEPH R. PALOMBO (04) THOMAS E. STITZEL (05) ANNE-LEE VERVILLE Instruction: To withhold authority to vote for any individual nominee, mark the "For all except" box and strike a line through the name(s) of the nominee(s). Your shares will be voted for the remaining nominee(s). 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. Please sign exactly as name(s) appear(s) hereon. Joint owners should each sign personally. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in corporate name by President or other authorized officer. If a partnership, please sign in partnership name by authorized person. Please be sure to sign and date this proxy Date __ Shareholder sign here ___ Co-owner sign here ____ COLONIAL NEW YORK INSURED MUNICIPAL FUND This Proxy Solicited on Behalf of the Board of Trustees The undersigned shareholder hereby appoints Keith T. Banks, Ellen Harrington, Kevin S. Jacobs, Russell L. Kane, Robert R. Leveille and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power of substitution, to vote at the Annual Meeting of Shareholders of Colonial New York Insured Municipal Fund to be held in Boston, Massachusetts, on Wednesday, May 22, 2002, and at any adjournments, as follows on the reverse side of this card. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND, ABSENT DIRECTION, WILL BE VOTED FOR THE ITEMS ON THE REVERSE SIDE. THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER MATTER. THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE REVERSE SIDE. - -------------------------------------------------------------------------------- PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- COLONIAL 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 Keith T. Banks, Ellen Harrington, Kevin S. Jacobs, Russell L. Kane, Robert R. Leveille and Vincent P. Pietropaolo, each of them proxies of the undersigned, with power of substitution, to vote at the Annual Meeting of Shareholders of Colonial New York Insured Municipal Fund to be held in Boston, Massachusetts, on Wednesday, May 22, 2002, and at any adjournments, as follows on the reverse side of this card. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND, ABSENT DIRECTION, WILL BE VOTED FOR THE ITEMS ON THE REVERSE SIDE. THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER MATTER. THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING ITEMS SET FORTH ON THE REVERSE SIDE. - -------------------------------------------------------------------------------- PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- - ----------------------------------- ---------------------------------------- [PREFERRED SHARES] [X] PLEASE MARK VOTES AS IN THIS EXAMPLE COLONIAL NEW YORK INSURED MUNICIPAL FUND 1. TO ELECT FIVE TRUSTEES. (Item 1(f) of Notice) For All With- For All Nominees hold Except [ ] [ ] [ ] Mark box at right if an address change [ ] or comment has been Noted on the reverse side of this card (01) DOUGLAS A. HACKER (02) JANET LANGFORD KELLY (03) SALVATORE MACERA (04) JOSEPH R. PALOMBO (05) THOMAS E. STITZEL Instruction: To withhold authority to vote for any individual nominee, mark the "For all except" box and strike a line through the name(s) of the nominee(s). Your shares will be voted for the remaining nominee(s). 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. Please sign exactly as name(s) appear(s) hereon. Joint owners should each sign personally. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in corporate name by President or other authorized officer. If a partnership, please sign in partnership name by authorized person. Please be sure to sign and date this proxy Date __ Shareholder sign here ____ Co-owner sign here ____ [COMMON SHARES] [X] PLEASE MARK VOTES AS IN THIS EXAMPLE COLONIAL NEW YORK INSURED MUNICIPAL FUND 1. TO ELECT THREE TRUSTEES. (Item 1(f) of Notice) For All With- For All Nominees hold Except [ ] [ ] [ ] Mark box at right if an address change [ ] or comment has been Noted on the reverse side of this card (01) DOUGLAS A. HACKER (02) JANET LANGFORD KELLY (03) JOSEPH R. PALOMBO Instruction: To withhold authority to vote for any individual nominee, mark the "For all except" box and strike a line through the name(s) of the nominee(s). Your shares will be voted for the remaining nominee(s). 2. IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. Please sign exactly as name(s) appear(s) hereon. Joint owners should each sign personally. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in corporate name by President or other authorized officer. If a partnership, please sign in partnership name by authorized person. Please be sure to sign and date this proxy Date __ Shareholder sign here ____ Co-owner sign here ____