Colonial Insured Municipal Fund


(a)      Not applicable

(b)      Effective  December 15, 1999  Municipal  Auction  Rate  Cumulative
         Preferred Shares were offered by Colonial  Insured  Municipal Fund
         at a purchase  price of $25,000 per share.  Like the common shares
         of beneficial  interest,  the preferred  shares are offered at net
         asset  value  without  any initial or  contingent  deferred  sales
         charges or 12b-1 fees.



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