Colonial California Insured Municipal Fund

On May 6, 2004, Colonial California Insured Municipal Fund (Fund) purchased
100,000 par value of bonds of California State Economic (Securities) for a
total purchase price of $109,023.00 from National Financial pursuant to a
public offering in which Banc of America Securities acted as a participating
underwriter. Banc of America Securities 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, Columbia Management Advisors, 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 Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities:  Bear Stearns & Co.,
Inc.; Seibert Brandford Shank & Co., LLC; Corby Capital Markets, Inc.; M.R.
Beal & Company; Morgan Stanley; Raymond James & Associates, Inc.; UBS Financial
Services Inc.; Citigroup; JP Morgan; RBC Dain Rauscher Inc.; Carolan & Co.;
Goldman, Sachs & Co.; Merrill Lynch & Co.

On May 6, 2004, Colonial California Insured Municipal Fund (Fund) purchased
100,000 par value of bonds of California State Economic (Securities) for a
total purchase price of $109,023.00 from Bear Stearns Securities pursuant to a
public offering in which Banc of America Securities acted as a participating
underwriter. Banc of America Securities 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, Columbia Management Advisors, 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 Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities:  Bear Stearns & Co.,
Inc.; Seibert Brandford Shank & Co., LLC; Corby Capital Markets, Inc.; M.R.
Beal & Company; Morgan Stanley; Raymond James & Associates, Inc.; UBS Financial
Services Inc.; Citigroup; JP Morgan; RBC Dain Rauscher Inc.; Carolan & Co.;
Goldman, Sachs & Co.; Merrill Lynch & Co.

On May 6, 2004, Colonial California Insured Municipal Fund (Fund) purchased
450,000 par value of bonds of California State Economic (Securities) for a
total purchase price of $490,603.50 from Lehman Brothers pursuant to a public
offering in which Banc of America Securities acted as a participating
underwriter. Banc of America Securities 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, Columbia Management Advisors, 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 Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities:  Bear Stearns & Co.,
Inc.; Seibert Brandford Shank & Co., LLC; Corby Capital Markets, Inc.; M.R.
Beal & Company; Morgan Stanley; Raymond James & Associates, Inc.; UBS Financial
Services Inc.; Citigroup; JP Morgan; RBC Dain Rauscher Inc.; Carolan & Co.;
Goldman, Sachs & Co.; Merrill Lynch & Co.

On May 6, 2004, Colonial California Insured Municipal Fund(Fund) purchased
150,000 par value of bonds of California State Economic (Securities) for a
total purchase price of $163,534.50 from Citigroup Global pursuant to a public
offering in which Banc of America Securities acted as a participating
underwriter. Banc of America Securities 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, Columbia Management Advisors, 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 Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities:  Bear Stearns & Co.,
Inc.; Seibert Brandford Shank & Co., LLC; Corby Capital Markets, Inc.; M.R.
Beal & Company; Morgan Stanley; Raymond James & Associates, Inc.; UBS Financial
Services Inc.; Citigroup; JP Morgan; RBC Dain Rauscher Inc.; Carolan & Co.;
Goldman, Sachs & Co.; Merrill Lynch & Co.

On May 6, 2004, Colonial California Insured Municipal Fund (Fund) purchased
100,000 par value of bonds of California State Economic (Securities) for a
total purchase price of $109,023.00 from Wedbush Morgan pursuant to a public
offering in which Banc of America Securities acted as a participating
underwriter. Banc of America Securities 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, Columbia Management Advisors, 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 Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities:  Bear Stearns & Co.,
Inc.; Seibert Brandford Shank & Co., LLC; Corby Capital Markets, Inc.; M.R.
Beal & Company; Morgan Stanley; Raymond James & Associates, Inc.; UBS Financial
Services Inc.; Citigroup; JP Morgan; RBC Dain Rauscher Inc.; Carolan & Co.;
Goldman, Sachs & Co.; Merrill Lynch & Co.

On May 6, 2004, Colonial California Insured Municipal Fund(Fund) purchased
100,000 par value of bonds of California State Economic (Securities) for a
total purchase price of $109,023.00 from Goldman Sachs & Co pursuant to a
public offering in which Banc of America Securities acted as a participating
underwriter. Banc of America Securities 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, Columbia Management Advisors, 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 Banc of America Securities, the following is a list of members of the
underwriting syndicate for the aforementioned Securities:  Bear Stearns & Co.,
Inc.; Seibert Brandford Shank & Co., LLC; Corby Capital Markets, Inc.; M.R.
Beal & Company; Morgan Stanley; Raymond James & Associates, Inc.; UBS Financial
Services Inc.; Citigroup; JP Morgan; RBC Dain Rauscher Inc.; Carolan & Co.;
Goldman, Sachs & Co.; Merrill Lynch & Co.