Colonial California Insured Municipal Fund

On November 7, 2002, Colonial California Insured Municipal Fund (Fund) purchased
325,000 par value of California State Department of Water Resources Power Supply
5/1/2014 5.50% (Securities) for a total purchase price of $358,573 from
Prudential Securities pursuant to a public offering in which Quick & Reilly,
Inc. acted as a participating underwriter. Quick & Reilly, Inc. may be
considered to be an affiliate of the Fund.

The following information was collected pursuant to Rule 10f-3 procedures
adopted by the Fund's Trustees:

o        The Fund's advisor, Colonial Management Associates, Inc., believed that
         the gross underwriting spread associated with the purchase of the
         Securities was reasonable and fair compared to the spreads in
         connection with similar underwritings of similar securities being sold
         during a comparable period of time;

o        The Securities were offered pursuant to an underwriting or similar
         agreement under which the underwriters were committed to purchase all
         of the Securities being offered;

o        The issuer of the Securities has been in continuous operation for at
         least three years;

o        The amount of Securities purchased did not exceed 25% of the amount
         of the offering;

o         The Securities were to be purchased at not more than the public
          offering price no later than the first day of the offering.


Along  with  Quick & Reilly,  Inc.,  the  following  is a list of members of the
underwriting  syndicate for the aforementioned  Securities:  Morgan Stanley; UBS
PaineWebber Inc.; Banc of America  Securities LLC; BNY Capital Markets,  Inc. (a
subsidiary of The Bank of New York Co.);  CIBC World  Markets;  EBONDTRADE  LLC;
Fidelity  Capital  Markets;  First  Albany  Corporation;  Goldman,  Sachs & Co.;
Jackson Securities,  LLC; Loop Capital Markets; Merrill Lynch & Co.; M.R. Beal &
Company;  Pacific American Securities,  LLC; Prager McCarthy & Sealy; Prudential
Securities,  Inc.;  Ramirez  &  Co.,  Inc.:  RBC  Dain  Rauscher  Inc.;  Redwood
Securities  Group,  Inc.;  Siebert Brandford Shank & Co.; Stone & Youngberg LLC;
Sutter  Securities  Incorporated;  The  Chapman  Company;  U.S.  BancCorp  Piper
Jaffray; Wells Fargo Bank, N.A.


On November 7, 2002, Colonial California Insured Municipal Fund (Fund) purchased
175,000 par value of California State Department of Water Resources Power Supply
5/1/2014  5.50%  (Securities)  for a total purchase price of $193,076 from First
Albany Corp.  pursuant to a public offering in which Quick & Reilly,  Inc. acted
as a participating underwriter.  Quick & Reilly, Inc. may be considered to be an
affiliate of the Fund.

The following information was collected pursuant to Rule 10f-3 procedures
adopted by the Fund's Trustees:

o        The Fund's advisor, Colonial Management Associates, Inc., believed that
         the gross underwriting spread associated with the purchase of the
         Securities was reasonable and fair compared to the spreads in
         connection with similar underwritings of similar securities being sold
         during a comparable period of time;

o        The Securities were offered pursuant to an underwriting or similar
         agreement under which the underwriters were committed to purchase all
         of the Securities being offered;

o        The issuer of the Securities has been in continuous operation for at
         least three years;

o        The amount of Securities purchased did not exceed 25% of the amount
         of the offering;

o         The Securities were to be purchased at not more than the public
          offering price no later than the first day of the offering.


Along  with  Quick & Reilly,  Inc.,  the  following  is a list of members of the
underwriting  syndicate for the aforementioned  Securities:  Morgan Stanley; UBS
PaineWebber Inc.; Banc of America  Securities LLC; BNY Capital Markets,  Inc. (a
subsidiary of The Bank of New York Co.);  CIBC World  Markets;  EBONDTRADE  LLC;
Fidelity  Capital  Markets;  First  Albany  Corporation;  Goldman,  Sachs & Co.;
Jackson Securities,  LLC; Loop Capital Markets; Merrill Lynch & Co.; M.R. Beal &
Company;  Pacific American Securities,  LLC; Prager McCarthy & Sealy; Prudential
Securities,  Inc.;  Ramirez  &  Co.,  Inc.:  RBC  Dain  Rauscher  Inc.;  Redwood
Securities  Group,  Inc.;  Siebert Brandford Shank & Co.; Stone & Youngberg LLC;
Sutter  Securities  Incorporated;  The  Chapman  Company;  U.S.  BancCorp  Piper
Jaffray; Wells Fargo Bank, N.A.