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COLONIAL MUNICIPAL INCOME TRUST SEMIANNUAL REPORT
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May 31, 1999
<PAGE>
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COLONIAL MUNICIPAL INCOME TRUST HIGHLIGHTS
DECEMBER 1, 1998 - MAY 31, 1999
INVESTMENT OBJECTIVE: Colonial Municipal Income Trust seeks to provide high
current income, generally exempt from federal income taxes. The Trust will
invest primarily in tax-exempt bonds that are consistent with this objective.
The Trust's secondary objective is to preserve its capital.
POLICY CHANGE: At a meeting held on April 30, 1999, the Trustees approved a
policy change to allow the Trust to invest primarily in any tax-exempt bonds
that are consistent with its objective of high income and total return.
PORTFOLIO MANAGER COMMENTARY: "We altered our investment strategy in response to
an environment of rising interest rates and wider credit spreads. First, we
reduced the Trust's sensitivity to interest rates. Second, we purchased
additional lower-rated securities because the yield differential between
higher-rated and lower-rated securities increased. These purchases also added to
the portfolio's diversification among issuers. During the period, holdings of a
large obligor, representing almost 3.5% of the Trust, did not pay interest,
resulting in a decrease in the Trust's dividend."
-- Maureen Newman
COLONIAL MUNICIPAL INCOME TRUST PERFORMANCE
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Six-month distributions declared per share(1) $ 0.241
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Six-month total return, assuming
reinvestment of all distributions
|X| NAV 1.20%
|X| Market Price (7.08)%
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Price per share on 5/31/99
|X| NAV $7.42
|X| Market Price $7.31
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TOP FIVE SECTORS QUALITY BREAKDOWN
(as of 5/31/99) (as of 5/31/99)
- ---------------------------------- ----------------------------------
Nursing Home ............ 16.1% Non-rated: .............. 50.1%
Hospital ................ 11.8% Short-term Obligations .. 0.6%
Refunded/Escrowed ....... 11.7% AAA: .................... 12.6%
Multi-Family ............ 7.6% AA: ..................... 2.6%
Air Transportation ...... 4.2% A: ...................... 6.4%
BBB: .................... 22.6%
BB: ..................... 4.2%
B: ...................... 0.9%
(1) A portion of the Trust's income may be subject to the alternative minimum
tax.
The Trust may at times purchase tax-exempt securities at a discount, and
some or all of this discount may be included in the Trust's ordinary income
which will be taxable when distributed.
Sector breakdowns are calculated as a percent of total net assets. Quality
breakdowns are calculated as a percent of total investments, including
short-term obligations.
Because the Trust is actively managed, there can be no guarantee the Trust
will continue to maintain these quality weightings or invest in these
sectors in the future.
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PRESIDENT'S MESSAGE
TO FUND SHAREHOLDERS
----------------------------
[Photo of Stephen E. Gibson]
----------------------------
During the six-months ended May 31, 1999, the bond market experienced
considerable volatility. By early December 1998, continued fears of a global
recession had resulted in a "flight to quality" that benefited bond performance.
Treasury securities, considered the safest bond investments, were the top
performers among U.S. bonds, but municipal bonds also posted solid returns. By
the end of May 1999, several events reversed this trend of lower interest rates.
Global economies stabilized and strong U.S. economic growth in the last quarter
of 1998 and the first quarter of 1999 renewed investors' inflation fears. Bond
prices declined, driving interest rates up across the board. Municipal bonds
were not hit as hard as Treasurys when prices fell.
This difficult environment was reflected in the Fund's total return of 1.20%,
which slightly underperformed its Lipper peer group average of 1.29%.(1)
In a registration statement filed in April with the Securities and Exchange
Commission, the Trust announced a plan to issue municipal auction rate preferred
shares, and to invest the proceeds of the offering in accordance with the
Trust's investment objectives. Existing common shareholders should benefit from
the incremental yield generated by investing these additional cash flows if the
rate of return on the Trust's investments exceeds the dividend rate on the
preferred shares.
As always, we thank you for choosing Colonial Municipal Income Trust and for
giving us the opportunity to serve your investment needs. Respectfully,
/s/ Stephen E. Gibson
Stephen E. Gibson
President
July 12, 1999
(1) Source: Lipper, Inc. Lipper averages are based on the Lipper High Yield
Municipal Debt category. For the one-year period, the Fund had a return of
4.81% vs. the Lipper average of 4.18%. For the five-year period, the Fund
had an average annual total return of 7.30% vs. the Lipper average of 7.37%.
For the ten-year period, the Fund had a return of 5.91% vs. the Lipper
average of 7.22%. The averages for six-months, one-year and five-years
included 13 funds. The average for ten-years included 8 funds. Neither the
Fund's returns nor the Lipper averages include sales charges or commissions.
Past performance cannot guarantee future results.
Because economic and market conditions change frequently, there can be no
assurance that the trends described herein will continue or come to pass.
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<PAGE>
INVESTMENT PORTFOLIO
MAY 31, 1999 (UNAUDITED, IN THOUSANDS)
MUNICIPAL BONDS - 98.1% PAR VALUE
- --------------------------------------------------------------------------------
EDUCATION - 3.6%
EDUCATION - 2.5%
CA Statewide Communities Development Authority,
Crossroads School for Arts & Sciences,
Series 1998,
6.000% 8/1/28 (a) $ 1,200 $ 1,205
IL State Development Finance Authority,
Latin School of Chicago,
Series 1998:
5.600% 8/1/18 250 245
5.650% 8/1/28 500 487
MA State Industrial Finance Agency,
St. John's High School,
Series 1998,
5.350% 6/1/28 300 285
MI Southfield Economic Development Corp.,
Lawrence University,
Series 1998-A,
5.400% 2/1/18 1,000 977
MN Victoria,
Holy Family Catholic High School,
Series 1999-A,
5.875% 9/1/29 (b) 1,000 1,000
VT State Educational & Health Buildings
Finance Agency, Norwich University,
Series 1998,
5.500% 7/1/21 1,000 970
--------
5,169
--------
STUDENT LOAN - 1.1%
SD State Student Loan Finance Corp.,
Series 1996-E,
6.550% 8/1/20 2,000 2,169
--------
................................................................................
HEALTHCARE - 32.6%
CONGREGATE CARE RETIREMENT - 3.6%
KY State Economic Development Financing Authority,
Christian Church Homes of Kentucky, Inc.,
Series 1998,
5.500% 11/15/30 750 719
MA Boston Industrial Development Financing
Authority, Springhouse, Inc.,
Series 1998,
5.875% 7/1/20 500 490
MA State Development Finance Agency,
Loomis Community Project,
Series 1999-A,
5.625% 7/1/15 250 245
MI State Strategic Fund,
Holland Home,
Series 1998,
5.750% 11/15/18 1,250 1,231
MN Columbia Heights,
Crest View Corp.,
Series 1998,
6.000% 3/1/33 745 735
NH State Higher Educational & Health Facilities
Authority, Rivermead at Peterborough,
Series 1998,
5.750% 7/1/28 500 489
PA Philadelphia Authority for Industrial
Development, Baptist Home of Philadelphia,
Series 1998-A:
5.500% 11/15/18 360 350
5.600% 11/15/28 570 546
TN Metropolitan Government, Nashville and
Davidson County, Blakeford at Green Hills,
Series 1998,
5.650% 7/1/24 575 555
TX Abilene Health Facilities Development Corp.,
Sears Methodist Retirement Obligation Group:
Series 1998-A,
5.900% 11/15/25 750 730
Series 1999,
5.875% 11/15/18 500 490
WI State Health & Educational Facilities
Authority, Attic Angel Obligated Group,
5.750% 11/15/27 875 841
--------
7,421
--------
HEALTH SERVICES - 0.1%
IL State Health Facilities Authority,
Midwest Physician Group, Ltd.,
Series 1998,
5.500% 11/15/19 90 85
MA State Development Finance Agency,
Boston Biomedical Research,
Series 1999,
5.650% 2/1/19 120 118
--------
203
--------
HOSPITALS - 11.8%
AL Alabama Special Care Facilities Authority,
Montgomery Healthcare,
Series 1989,
11.000% 10/1/19 2,250 2,272
CO State Health Care Facilities Authority,
National Jewish Medical & Research Center,
Series 1998,
5.375% 1/1/23 840 804
GA Clayton Hospital Authority,
The Woodlands Foundation, Inc.,
Series 1991-A,
9.750% 5/1/21 (c) 1,500 450
GA Forsyth County Hospital Authority,
Georgia Baptist Heathcare System,
Series 1998,
6.000% 10/1/08 1,000 990
IL Health Facilities Authority,
Thorek Hospital & Medical Center,
5.375% 8/15/28 500 467
IL Southwestern Development Authority,
Anderson Hospital,
Series 1999:
5.375% 8/15/15 500 489
5.500% 8/15/20 550 535
IN State Health Facilities Financing Authority,
Riverview Hospital Project,
Series 1999,
5.500% 8/1/24 275 266
LA State Public Facilities Authority,
Touro Infirmary,
Series 1999-A,
5.500% 8/15/19 500 489
MA State Health & Educational
Facilities Authority,
Milford-Whitinsville Regional Hospital,
Series C,
5.250% 7/15/18 500 474
MI Dickinson County Healthcare System,
Series 1999,
5.700% 11/1/18 (b) 585 574
MI Flint Hospital Building Authority,
Hurley Medical Center,
Series 1998-A,
5.375% 7/1/20 625 584
MI State Hospital Finance Authority,
Detroit Medical Center,
Series 1998-A,
5.250% 8/15/28 600 526
MN St. Paul Housing & Redevelopment Authority,
Healtheast Project,
Series A,
5.700% 11/1/15 2,000 1,910
MN Washington County Housing & Redevelopment
Authority, Healtheast, Inc.,
Series 1998,
5.250% 11/15/12 1,250 1,148
MS State Business Finance Corp.,
Medical Foundation, Inc.,
Series 1998,
5.625% 7/1/23 1,150 1,115
NH State Higher Educational & Health Facilities
Authority, Littleton Hospital Association, Inc.,
Series 1998-A:
5.900% 5/1/18 500 499
5.900% 5/1/28 675 661
6.000% 5/1/28 625 627
NM State Hospital Equipment Loan Council,
Memorial Medical Center, Inc. Project,
Series 1998,
5.500% 6/1/28 1,000 966
OH Belmont County,
East Ohio Regional Hospital,
Series 1998,
5.700% 1/1/13 1,500 1,466
OH Franklin County,
Doctors OhioHealth Corp.,
Series 1998-A,
5.600% 12/1/28 1,600 1,551
OH Sandusky County, Memorial Hospital,
Series 1998,
5.150% 1/1/08 270 275
PA Allegheny County Hospital Development,
Ohio Valley General Hospital,
Series 1998-A,
5.450% 1/1/28 1,050 1,013
PA Pottsville Hospital Authority,
Pottsville Hospital & Warner Clinic,
Series 1998,
5.625% 7/1/24 755 717
TX Lufkin Health Facilities Development Corp.,
Memorial Health Systems of East Texas,
Series 1998,
5.700% 2/15/28 750 736
TX Richardson Hospital Authority,
Baylor Richardson Medical Center,
Series 1998,
5.625% 12/1/28 600 573
VT State Educational & Health Buildings
Financing Agency:
Brattleboro Memorial Hospital,
5.375% 3/1/28 1,000 950
Springfield Hospital, Series A,
7.750% 1/1/13 1,040 1,170
--------
24,297
--------
INTERMEDIATE CARE FACILITIES - 1.0%
PA State Economic Development Financing
Authority, Northwestern Human Services, Inc.,
Series 1998-A,
5.250% 6/1/14 2,150 2,093
--------
NURSING HOMES - 16.1%
CO State Health Facilities Authority:
American Housing Foundation, Inc.,
Series 1990-A,
10.250% 12/1/20 (c) 1,500 1,500
Volunteers of America Care Facilities, Inc.:
Series 1998-A:
5.450% 7/1/08 250 248
5.750% 7/1/20 700 677
Series 1999-A,
6.000% 7/1/29 350 339
DE State Economic Development Authority,
Georgetown Health Center,
12.000% 4/1/25 2,210 2,381
DE Sussex County, Healthcare Facility,
Delaware Health Corp.,
Series 1994-A,
7.600% 1/1/24 1,000 1,047
IA State Finance Authority,
Care Initiatives Project:
Series 1996,
9.250% 7/1/25 1,000 1,327
Series 1998-B:
5.750% 7/1/18 550 541
5.750% 7/1/28 1,475 1,436
IN Gary Industrial Economic Development,
West Side Health Care Center,
Series 1987-A,
11.500% 10/1/17 2,435 2,491
IN Michigan City Health Facilities,
Metro Health Foundation, Inc. Project,
10.000% 11/1/22 (c) 4,500 4,500
IN State Health Facilities Financing Authority,
Metro Health Indiana, Inc. Project,
Series 1998,
6.400% 12/1/33 1,000 976
KS Halstead Industrial Health Care Project,
10.250% 8/1/13 (c) 1,330 313
KY Jefferson County First Mortgage,
AHF Kentucky-Iowa, Inc. Project,
Series 1990,
10.250% 1/1/20 945 979
KY Lexington-Fayette Urban County
Government First Mortgage,
AHF Kentucky-Iowa, Inc. Project,
Series 1990,
10.250% 1/1/20 950 984
MA State Industrial Finance Agency:
American Health Foundation, Inc.,
Series 1989,
10.125% 3/1/19 (c) 463 347
GF/Massachusetts, Inc.,
Series 1994,
8.300% 7/1/23 970 1,074
MI Cheboygan County Economic
Development Corp., Metro Health
Foundation Project,
Series 1993,
10.000% 11/1/22 (c) 2,440 2,440
MN Duluth Economic Development Authority,
BSM Properties, Inc.,
Series 1998-A,
5.875% 12/1/28 250 245
MN Minneapolis,
Walker Methodist Senior Services Group,
Series 1998-A,
6.000% 11/15/28 1,000 1,004
MN New Hope Housing and Health,
Masonic Home North Ridge,
Series 1999,
5.875% 3/1/29 500 486
MO Springfield Industrial Development
Authority,
10.250% 12/1/10 1,100 1,105
NJ Economic Development Authority,
Geriatric and Medical Service, Inc.,
Series A,
10.500% 5/1/04 570 590
OH Montgomery County,
Grafton Oaks Limited Partners,
Series 1986,
9.750% 12/1/16 1,480 1,406
OK Muskogee County Economic Development
Authority Health Facilities, Heartway Corp.:
Series A,
9.500% 3/1/19 1,545 1,562
Series B,
(d) 3/1/19 250 63
TN New Tazewell Health Education and
Housing Facilities Board,
New Tazewell, Series 1987,
10.000% 6/1/17 1,560 1,589
TX Kirbyville Health Facilities Development Corp.,
Heartway III Project:
Series 1997-A,
10.000% 3/20/18 586 582
Series 1997-B,
(d) 3/20/04 100 56
WA Kitsap County Housing Authority,
Martha & Mary Nursing Home,
7.100% 2/20/36 643 746
--------
33,034
--------
................................................................................
HOUSING - 12.2%
Assisted Living/Senior - 4.2%
IL Clarendon Hills Residential Facilities,
Churchill Estate,
Series 1998-A:
6.750% 3/1/24 1,050 1,058
6.750% 3/1/31 1,365 1,375
IL State Development Finance Authority,
Care Institute, Inc.,
8.250% 6/1/25 1,500 1,684
MN Roseville,
Care Institute, Inc.,
Series 1993,
7.750% 11/1/23 1,630 1,628
TX Bell County Health Facilities
Development Corp., Care Institute, Inc.,
9.000% 11/1/24 1,500 1,699
WI State Health & Educational Facilities Authority:
Clement Manor, Series 1998,
5.750% 8/15/24 450 429
United Lutheran Program for Aging, Inc.,
5.700% 3/1/28 750 728
--------
8,601
--------
MULTI-FAMILY - 7.6%
DE Wilmington,
Electra Arms Senior Association Project,
6.250% 6/1/28 1,000 964
IL Chicago, Michigan Boulevard Garden
Apartment Rehabilitation Project,
Series 1985,
12.000% 1/1/00 130 117
MN Washington County Housing &
Redevelopment Authority,
Cottages of Aspen, Series 1992,
9.250% 6/1/22 1,065 1,162
MN White Bear Lake,
Birch Lake Townhomes Project:
Series 1989-A,
10.250% 7/15/19 1,770 1,785
Series 1989-B,
(d) 7/15/19 (e) 667 200
NC Eastern Carolina Regional Housing Authority,
New River Apartments Jacksonville,
Series 1994,
8.250% 9/1/14 1,820 1,950
Resolution Trust Corp.,
Pass Through Certificates,
Series 1993-A,
9.250% 12/1/16 (f) 4,248 4,344
SC State Housing Finance and Development
Multi-Family Housing Finance Revenue,
Westbridge Apartments, Series A,
9.500% 9/1/20 2,143 2,188
TN Franklin Industrial Development Board,
Landings Apartment Project,
Series 1996-B,
8.750% 4/1/27 785 846
TX Galveston Health Facilities Center,
Driftwood Apartments,
8.000% 8/1/23 1,000 1,060
VA Alexandria Redevelopment & Housing Authority,
Courthouse Commons Apartments,
Series 1990-A,
10.000% 1/1/21 1,000 1,030
--------
15,646
--------
SINGLE FAMILY - 0.4%
AK State Housing Finance Corp.,
Series 1996-A,
6.050% 12/1/17 750 793
KY Kentucky Counties Single Family
Mortgage Revenue,
Class A,
9.000% 9/1/16 30 30
--------
823
--------
................................................................................
INDUSTRIAL - 10.6%
Chemicals - 1.1%
LA St. Charles Parish,
Union Carbide Corp.,
Series 1992,
7.350% 11/1/22 2,000 2,176
--------
FOOD PRODUCTS - 2.4%
IN Hammond,
American Maize Products Co.,
Series 1994,
8.000% 12/1/24 2,000 2,293
LA Port New Orleans Industrial Development,
Continental Grain Co.,
Series 1993,
7.500% 7/1/13 1,000 1,037
LA Southern Louisiana Port Commission,
Cargill, Inc. Project,
5.850% 4/1/17 500 524
MI State Strategic Fund,
Michigan Sugar Co., Sebewaing Project,
Series 1998-A,
6.250% 11/1/15 1,000 1,009
--------
4,863
--------
FOREST PRODUCTS - 1.4%
GA Rockdale County Development Authority,
Solid Waste Disposal, Visy Paper, Inc.,
Series 1993,
7.500% 1/1/26 800 845
SC Darlington County,
Industrial Development Authority,
Sonoco Products Co. Project,
6.125% 6/1/25 2,000 2,103
--------
2,948
--------
MANUFACTURING - 3.5%
IL State Development Finance Authority,
Armstrong World Industries, Inc. Project,
5.950% 12/1/24 1,000 1,076
IL Will-Kankakee Regional Development Authority,
Flanders Corp./Precisionaire Project,
Series 1997,
6.500% 12/15/17 975 1,019
MA State Industrial Finance Agency,
House of Bianchi, Inc.,
8.750% 6/1/18 280 285
MN Brooklyn Park,
TL Systems Corp.,
Series 1991,
10.000% 9/1/16 770 919
NV Henderson Public Improvement Trust,
Dongsung America Co., Inc.,
Series 1998,
7.000% 11/1/10 500 496
TX Trinity River Authority,
Texas Instruments Project,
Series 1996,
6.200% 3/1/20 750 802
VA Halifax County Industrial Development,
Craddock-Terry, Inc., Series 1989,
10.000% 12/1/19 (c) 256 23
VA Pittsylvania County Industrial Development,
Craddock-Terry, Inc.,
Series 1989,
10.000% 12/1/19 (c) 120 24
VA Prince Edward County Industrial Development,
Craddock-Terry, Inc.,
Series 1989,
10.000% 12/1/19 (c) 750 262
VA State Small Business Financing Authority,
Dongsung America,
Series 1998-A,
7.250% 11/1/15 250 247
WA Pilchuck Public Development Corp.,
Goodrich (B.F.) Co. Tramco, Inc. Project,
Series 1993,
6.000% 8/1/23 2,000 2,055
--------
7,208
--------
METALS & MINING - 1.5%
CO Mesa County Industrial Development,
Joy Technologies, Inc.,
Series 1992,
8.500% 9/15/06 (c) 1,500 1,588
OH Cuyahoga County,
Joy Technologies, Inc.,
Series 1992,
8.750% 9/15/07 550 586
VA Greensville County Industrial
Development Authority, Wheeling Steel
Project, Series 1999-A:
6.375% 4/1/04 75 75
7.000% 4/1/14 375 371
VA Peninsula Ports Authority,
Ziegler Coal,
Series 1997,
6.900% 5/2/22 500 504
--------
3,124
--------
OIL & GAS - 0.7%
WA Pierce County Economic Development Corp.,
Occidental Petroleum Co.,
5.800% 9/1/29 1,500 1,506
--------
................................................................................
OTHER - 12.1%
OTHER - 0.4%
MD Baltimore,
Park Charles Project,
Series 1986,
8.000% 1/1/10 720 768
--------
Refunded/Escrowed (g) - 11.7%
CA San Joaquin Hills Transportation
Corridor Agency,
Series 1993,
(d) 1/1/25 10,000 2,640
FL Clearwater Housing Authority,
Hampton Apartments,
Series 1994,
8.250% 5/1/24 2,500 3,006
ID State Health Facilities Authority,
IHC Hospitals, Inc.,
6.650% 2/15/21 2,750 3,288
IL State Health Facilities Authority,
Edgewater Medical Center,
Series A,
9.250% 7/1/24 2,235 2,797
MA Boston,
St. Joseph Nursing Care Center, Inc.,
Series 1990,
10.000% 1/1/20 1,890 2,017
MA State Health & Educational
Facilities Authority,
Corp. for Independent Living,
8.100% 7/1/18 680 795
MA State Industrial Finance Agency,
Series 1990,
9.000% 10/1/20 920 1,000
MN Mille Lacs Capital Improvement Authority,
Mille Lacs Band of Chippewa,
Series 1992-A,
9.250% 11/1/12 1,015 1,210
NC Lincoln County,
Lincoln County Hospital,
9.000% 5/1/07 430 506
PA Delaware County Authority,
Southeastern Pennsylvania Obligated Group,
Series 1996:
6.000% 12/15/16 1,400 1,542
6.000% 12/15/26 500 552
PA Montgomery County Industrial Development
Authority, Assisted Living Facility,
Series 1993-A,
8.250% 5/1/23 790 907
TN Shelby County, Health, Education, & Housing
Facilities Board, Open Arms Development Center:
Series 1992-A,
9.750% 8/1/19 505 692
Series 1992-C,
9.750% 8/1/19 515 706
WA State Health Care Facilities Authority,
Grays Harbor Community Hospital,
Series 1993:
7.200% 7/1/03 330 347
8.025% 7/1/20 1,770 1,916
--------
23,921
--------
................................................................................
OTHER REVENUE - 1.4%
RECREATION - 0.5%
NM Red River Sports Facility,
Red River Ski Area Project,
Series 1998,
6.450% 6/1/07 1,000 998
--------
RETAIL - 0.9%
NJ State Economic Development Authority,
Glimcher Properties L.P. Project,
6.000% 11/1/28 1,000 986
OH Lake County,
North Madison Properties,
Series 1993,
8.819% 9/1/11 710 804
--------
1,790
--------
................................................................................
RESOURCE RECOVERY - 3.0%
DISPOSAL - 2.0%
CT State Development Authority,
Sewer Sludge Disposal Facilities,
NETCO New Haven,
Series 1996,
8.250% 12/1/06 1,150 1,320
MA Boston Industrial Development
Finance Authority,
Jet-A-Way, Inc.,
10.500% 1/1/11 900 983
MA State Industrial Finance Agency:
Massachusetts Environmental Services,
Series 1994-A,
8.750% 11/1/21 975 780
Peabody Monofill Associates, Inc.,
Series 1995,
9.000% 9/1/05 1,025 1,121
--------
4,204
--------
RESOURCE RECOVERY - 1.0%
MA State Industrial Finance Agency,
Ogden Haverhill Project,
Series 1998-A,
5.500% 12/1/13 1,000 1,003
PA Delaware County Industrial
Development Authority,
Series A,
6.200% 7/1/19 1,000 1,031
--------
2,034
--------
................................................................................
TAX-BACKED - 7.4%
LOCAL APPROPRIATED - 0.5%
A Compton,
Civic Center Project,
5.500% 9/1/15 1,000 1,001
--------
LOCAL GENERAL OBLIGATIONS - 1.4%
LA New Orleans,
Series 1991,
(d) 9/1/15 (h) 4,000 1,728
TX Irving Independent School District,
Series 1997:
(d) 2/15/15 1,500 666
(d) 2/15/16 (h) 1,000 419
--------
2,813
--------
SPECIAL NON-PROPERTY TAX - 3.4%
IL Metropolitan Pier & Exposition Authority:
McCormick Project:
(d) 6/15/14 5,000 2,299
(d) 6/15/15 3,000 1,300
Series 1996-A,
(d) 12/15/13 5,000 2,376
IL State Development Finance Authority,
City of Marion Project,
Series 1991,
9.625% 9/15/21 1,445 1,084
--------
7,059
--------
SPECIAL PROPERTY TAX - 2.1%
CA Poway Community Facilities District,
No. 88-1 Parkway Business Center,
Series 1998,
6.750% 8/15/15 575 620
CA Riverside County Public Financing Authority,
Redevelopment Projects,
Series A,
5.500% 10/1/22 650 644
CA Yorba Linda Redevelopment Agency,
Series 1998-A,
(d) 9/1/24 1,325 349
FL Lexington Oaks Community Development
District, Series 1998-A,
6.125% 5/1/19 800 799
FL Orlando,
Conroy Road Interchange Project,
Series 1998-A:
5.500% 5/1/10 125 123
5.800% 5/1/26 500 491
FL Stoneybrook Community Development District:
Series 1998-A,
6.100% 5/1/19 250 249
Series 1998-B,
5.700% 5/1/08 960 955
--------
4,230
--------
................................................................................
TRANSPORTATION - 5.2%
AIR TRANSPORTATION - 4.2%
IN Indianapolis Airport Authority,
Federal Express Corp.,
Series 1994,
7.100% 1/15/17 2,000 2,221
United Airlines Project,
Series A,
6.500% 11/15/31 2,000 2,145
KY Kenton County Airport Board,
Delta Airlines, Inc.,
Series 1992-A,
7.500% 2/1/20 2,500 2,707
PA Philadelphia Authority for Industrial
Development, Aero Philadelphia LLC,
Series 1999,
5.250% 1/1/09 500 485
TX Alliance Airport Authority,
Federal Express Corp.,
Series 1996,
6.375% 4/1/21 1,000 1,073
--------
8,631
--------
AIRPORT - 0.3%
OH Toledo-Lucas County Port Authority,
Series 1998,
5.500% 5/15/20 585 566
TOLL FACILITIES - 0.7%
CA San Joaquin Hills Transportation
Corridor Agency,
Series A,
(d) 1/15/15 3,000 1,353
--------
................................................................................
UTILITY - 10.0%
INDEPENDENT POWER PRODUCER - 3.6%
NY Port Authority of New York & New Jersey,
KIAC Partners,
Series 1996-IV,
6.750% 10/1/11 2,000 2,193
OH State Water Development Authority,
Bay Shore Power Project,
Series 1998-A,
5.875% 9/1/20 1,500 1,504
PA Economic Development Financing Authority,
Colver Project,
Series D:
7.125% 12/1/15 500 556
7.150% 12/1/18 2,750 3,063
--------
7,316
--------
INVESTOR OWNED - 3.1%
AZ Pima County Industrial Development Authority,
Tucson Electric Power Co.,
Series A,
6.100% 9/1/25 750 748
CT State Development Authority,
Connecticut Light & Power Co.,
Series 1993-B,
5.950% 9/1/28 300 299
IL Bryant Pollution Control Revenue,
Central Illinois Light Co.,
Series 1993,
5.900% 8/1/23 2,000 2,060
LA Calcasieu Parish Industrial Development Board,
Entergy Gulf States, Inc.,
Series 1999,
5.450% 7/1/10 500 493
MS State Business Finance Corp.,
Systems Energy Resources Project,
Series 1998,
5.875% 4/1/22 1,500 1,492
NM Farmington,
San Juan Public Service Co. Project,
Series D,
6.375% 4/1/22 1,250 1,316
--------
6,408
--------
MUNICIPAL ELECTRIC - 2.1%
TX Austin Utility System Revenue,
Series 1994:
(d) 5/15/17 (h) 6,600 2,570
(d) 5/15/18 (h) 5,000 1,837
--------
4,407
--------
WATER & SEWER - 1.2%
LA Public Facility Belmont Water Authority,
9.000% 3/15/24 (c)(i) 730 621
MS Five Lakes Utility District,
8.250% 7/15/24 500 400
TX Houston Water & Sewer System,
Series C,
(d) 12/1/12 (h) 3,000 1,523
--------
2,544
--------
TOTAL MUNICIPAL BONDS (cost of $196,895)(j) 201,324
--------
SHORT-TERM OBLIGATIONS - 0.6%
VARIABLE RATE DEMAND NOTES (k)
IN Purdue University,
Series 1998,
3.250% 7/1/19 600 600
NY New York City,
Series B,
3.300% 10/1/22 200 200
WA State Health Care Facilities Authority,
Fred Hutchinson Cancer Research Center,
Series 1996,
3.500% 1/1/23 400 400
--------
TOTAL SHORT-TERM OBLIGATIONS 1,200
--------
OTHER ASSETS & LIABILITIES, NET - 1.3% 2,611
- --------------------------------------------------------------------------------
NET ASSETS - 100.0% $ 205,135
=========
NOTES TO INVESTMENT PORTFOLIO:
- --------------------------------------------------------------------------------
(a) This is a restricted security which was acquired on August 21, 1998 and
August 31, 1998 at an aggregate cost of $1,200. This security represents
0.6% of the Trust's net assets as of May 31, 1999.
(b) These securities have been purchased on a delayed delivery basis for
settlement at a future date beyond the customary settlement date.
(c) This issuer is in default of certain debt covenants. Income is not being
accrued.
(d) Zero coupon bond.
(e) Accrued interest accumulates in the value of the security and is payable at
redemption. The value of this security represents fair value as determined
under procedures approved by the Trustees.
(f) This security is exempt from registration under Rule 144A of the Securities
Act of 1933. This security may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At May 31, 1999,
the value of this security amounted to $4,344 or 2.1% of net assets.
(g) The Trust has been informed that each issuer has placed direct obligations
of the U.S. Government in an irrevocable trust, solely for the payment of
the interest and principal.
(h) These securities, or a portion thereof, with a total market value of $6,934,
are being used to collateralize the delayed purchases indicated in note (b)
above and open futures contracts.
(i) This is a restricted security which was acquired on March 22, 1994 at a cost
of $730. This security represents 0.3% of the Trust's net assets as of May
31, 1999.
(j) Cost for federal income tax purposes is $196,960.
(k) Variable rate demand notes are considered short-term obligations. Interest
rates change periodically on specified dates. These securities are payable
on demand and are secured by either letters of credit or other credit
support agreements from banks. The rates listed are as of May 31, 1999.
Futures contracts open at May 31, 1999:
Unrealized
Par value Expiration depreciation
Type covered by contracts month at 5/31/99
- --------------------------------------------------------------------------------
Treasury Bond $ 3,400 September $ (18)
See notes to financial statements.
<PAGE>
STATEMENT OF ASSETS & LIABILITIES
MAY 31, 1999 (UNAUDITED)
(in thousands except for per share amount)
ASSETS
Investments at value (cost $196,895) $201,324
Short-term obligations 1,200
--------
202,524
Receivable for:
Interest $ 3,860
Investments sold 1,190
Variation margin on futures 1
Other 187 5,238
--------- --------
Total Assets 207,762
LIABILITIES
Payable for:
Investments purchased 1,578
Distributions 995
Accrued:
Deferred Trustees fees 5
Other 49
--------
Total Liabilities 2,627
--------
NET ASSETS at value for 27,645
shares of beneficial interest outstanding $205,135
========
Net asset value per share $ 7.42
========
COMPOSITION OF NET ASSETS
Capital paid in $244,991
Overdistributed net investment income (1,051)
Accumulated net realized loss (43,216)
Net unrealized appreciation (depreciation) on:
Investments 4,429
Open futures contracts (18)
--------
$205,135
========
See notes to financial statements.
<PAGE>
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 1999
(UNAUDITED)
(in thousands)
INVESTMENT INCOME
Interest $ 6,674
EXPENSES
Management fee $ 677
Transfer agent 85
Bookkeeping fee 27
Trustees fee 7
Custodian fee 3
Audit fee 21
Legal fee 98
Reports to shareholders 6
Other 47 971
------ -------
Net Investment Income 5,703
-------
NET REALIZED & UNREALIZED GAIN (LOSS) ON PORTFOLIO POSITIONS
Net realized gain (loss) on:
Investments 527
Closed futures contracts (48)
------
Net Realized Gain 479
Net change in unrealized depreciation
during the period on:
Investments (3,730)
Open futures contracts (13)
-------
Net Change in Unrealized Depreciation (3,743)
-------
Net Loss (3,264)
-------
Increase in Net Assets from Operations $ 2,439
=======
See notes to financial statements.
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
Six months ended Year ended
(in thousands) May 31 November 30
---------------- -----------
INCREASE (DECREASE) IN NET ASSETS 1999 1998
Operations:
Net investment income $ 5,703 $ 12,907
Net realized gain 479 4,942
Net unrealized appreciation (depreciation) (3,743) 26
--------- ---------
Net Increase from Operations 2,439 17,875
Distributions:
From net investment income (6,658) (13,417)
In excess of net investment
income -- (124)
--------- ---------
(4,219) 4,334
Trust Share Transactions:
Value of distributions reinvested 423 1,064
--------- ---------
Total Increase (Decrease) (3,796) 5,398
NET ASSETS
Beginning of period 208,931 203,533
--------- ---------
End of period (net of overdistributed
net investment income of $1,051
and $96, respectively) $ 205,135 $ 208,931
========= =========
NUMBER OF TRUST SHARES
Issued for distributions reinvested 55 141
Outstanding at
Beginning of period 27,590 27,449
--------- ---------
End of period 27,645 27,590
--------- ---------
See notes to financial statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
MAY 31, 1999 (UNAUDITED)
NOTE 1. INTERIM FINANCIAL STATEMENTS
................................................................................
In the opinion of management of Colonial Municipal Income Trust (the Trust), the
accompanying financial statements contain all normal and recurring adjustments
necessary for the fair presentation of the financial position of the Trust at
May 31, 1999, and the results of its operations, the changes in its net assets
and the financial highlights for the six months then ended.
NOTE 2. ACCOUNTING POLICIES
................................................................................
ORGANIZATION: The Trust is a Massachusetts business trust, registered under the
Investment Company Act of 1940, as amended, as a diversified, closed-end,
management investment company. The Trust's primary investment objective is to
provide high current income, generally exempt from federal income taxes, by
investing primarily in tax-exempt bonds that are consistent with this objective.
The Trust's secondary objective is to preserve its capital. The Trust authorized
an unlimited number of shares.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates. The following is a summary of
significant accounting policies that are consistently followed by the Trust in
the preparation of its financial statements.
SECURITY VALUATION AND TRANSACTIONS: Debt securities generally are valued by a
pricing service based upon market transactions for normal, institutional-size
trading units of similar securities. When management deems it appropriate, an
over-the-counter or exchange bid quotation is used.
Futures contracts are valued based on the difference between the last sale price
and the opening price of the contract.
Options are valued at the last reported sale price, or in the absence of a sale,
the mean between the last quoted bid and asking price.
Short-term obligations with a maturity of 60 days or less are valued at
amortized cost.
Portfolio positions for which market quotations are not readily available are
valued at fair value under procedures approved by the Trustees.
Security transactions are accounted for on the date the securities are
purchased, sold or mature.
Cost is determined and gains (losses) are based upon the specific identification
method for both financial statement and federal income tax purposes.
The Trust may trade securities on other than normal settlement terms. This may
increase the risk if the other party to the transaction fails to deliver and
causes the Trust to subsequently invest at less advantageous prices.
FEDERAL INCOME TAXES: Consistent with the Trust's policy to qualify as a
regulated investment company and to distribute all of its taxable and tax-exempt
income, no federal income tax has been accrued.
INTEREST INCOME, DEBT DISCOUNT AND PREMIUM: Interest income is recorded on the
accrual basis. Original issue discount is accreted to interest income over the
life of a security with a corresponding increase in the cost basis; market
discount is not accreted. Premium is amortized against interest income with a
corresponding decrease in the cost basis.
DISTRIBUTIONS TO SHAREHOLDERS: Distributions to shareholders are recorded
on the ex-date.
The amount and character of income and gains to be distributed are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. Reclassifications are made to the Trust's capital
accounts to reflect income and gains available for distribution (or available
capital loss carryforwards) under income tax regulations.
NOTE 3. FEES AND COMPENSATION PAID TO AFFILIATES
................................................................................
MANAGEMENT FEE: Colonial Management Associates, Inc. (the Advisor) is the
investment Advisor of the Trust and furnishes accounting and other services
and office facilities for a monthly fee equal to 0.65% annually of the Trust's
average weekly net assets.
BOOKKEEPING FEE: The Advisor provides bookkeeping and pricing services for
$18,000 per year plus 0.0233% of the Trust's average net assets over $50
million.
OTHER: The Trust pays no compensation to its officers, all of whom are
employees of the Advisor.
The Trust's Trustees may participate in a deferred compensation plan which may
be terminated at any time. Obligations of the plan will be paid solely out out
of the Trust's assets.
NOTE 4. PORTFOLIO INFORMATION
................................................................................
INVESTMENT ACTIVITY: During the six months ended May 31, 1999, purchases and
sales of investments, other than short-term obligations, were $17,324,379 and
$18,355,410, respectively.
Unrealized appreciation (depreciation) at May 31, 1999, based on cost of
investments for federal income tax purposes was approximately:
Gross unrealized appreciation $10,863,000
Gross unrealized depreciation (6,499,000)
-----------
Net unrealized appreciation $ 4,364,000
===========
CAPITAL LOSS CARRYFORWARDS: At November 30, 1998, capital loss carryforwards
available (to the extent provided in regulations) to offset future realized
gains were approximately as follows:
Year of Capital loss
expiration carryforward
---------- ------------
1999 6,352,000
2000 9,103,000
2001 7,979,000
2002 5,301,000
2003 7,499,000
2004 4,000
2005 7,197,000
------------
$43,435,000
------------
Expired capital loss carryforwards, if any, are recorded as a reduction of
capital paid in.
To the extent loss carryforwards are used to offset any future realized gains,
it is unlikely that such gains would be distributed since they may be taxable to
shareholders as ordinary income.
OTHER: There are certain risks arising from geographic concentration in any
state. Certain revenue or tax related events in a state may impair the ability
of certain issuers of municipal securities to pay principal and interest on
their obligations.
The Trust may focus its investments in certain industries, subjecting it to
greater risk than a trust that is more diversified.
The Trust may purchase or sell municipal and Treasury bond futures contracts and
purchase and write options on futures. The Trust will invest in these
instruments to hedge against the effects of changes in the value of portfolio
securities due to anticipated changes in interest rates and/or market
conditions, for duration management, or when the transactions are economically
appropriate to the reduction of risk inherent in the management of the Trust and
not for trading purposes. The use of futures contracts and options involves
certain risks which include (1) imperfect correlation between the price movement
of the instruments and the underlying securities, (2) inability to close out a
position due to different trading hours, or the temporary absence of a liquid
market for either the instrument or the underlying securities or (3) an
inaccurate prediction by the Advisor of the future direction of interest rates.
Any of these risks may involve amounts exceeding the variation margin recorded
in the Trust's Statement of Assets and Liabilities at any given time.
NOTE 5. RESULTS OF ANNUAL MEETING OF SHAREHOLDERS (UNAUDITED)
................................................................................
On April 15, 1999, the Annual Meeting of Shareholders of the Trust was held to
elect a Board of Trustees and to ratify the selection of PricewaterhouseCoopers
LLP as independent accountants for the fiscal year ending November 30, 1999.
On February 17, 1999, the record date for the Meeting, the Trust had outstanding
27,612,747 shares of beneficial interest. The votes cast at the Meeting were as
follows:
AUTHORITY
FOR WITHHELD
--- --------
To elect a Board of Trustees:
Robert J. Birnbaum 22,726,408 427,189
Tom Bleasdale 22,734,479 419,118
John V. Carberry 22,740,353 413,244
James E. Grinnell 22,739,548 414,050
Salvatore Macera 22,750,647 402,950
James L. Moody, Jr. 22,750,647 402,950
Thomas E. Stitzel 22,740,948 412,650
Anne-Lee Verville 22,745,930 407,668
The Board of Trustees also consists of Lora S. Collins, Richard W. Lowry,
William E. Mayer, John J. Neuhauser and Robert L. Sullivan.
To ratify the selection of PricewaterhouseCoopers LLP as independent accountants
for the fiscal year ending November 30,1999:
FOR AGAINST ABSTAIN
--- ------- -------
22,711,495 153,862 282,240
<PAGE>
FINANCIAL HIGHLIGHTS
Selected per share data, total return, ratios and supplemental data throughout
each period are as follows:
(Unaudited)
Six months
ended May 31 Year ended November 30
------------ --------------------------
1999 1998 1997
Net asset value -
Beginning of period $ 7.570 $ 7.410 $ 7.410
--------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.206 0.469 0.509
Net realized and
unrealized gain (loss) (0.115) 0.183 (0.002)
--------- --------- ---------
Total from Investment
Operations 0.091 0.652 0.507
--------- --------- ---------
LESS DISTRIBUTIONS DECLARED TO
SHAREHOLDERS:
From net investment income (0.241) (0.487) (0.507)
In excess of net
investment income -- (0.005) --
--------- --------- ---------
Total Distributions
Declared to Shareholders (0.241) (0.492) (0.507)
--------- --------- ---------
Net asset value -
End of period $ 7.420 $ 7.570 $ 7.410
========= ========= =========
Market price per share -
End of period $ 7.312 $ 8.125 $ 7.560
========= ========= =========
Total return - based on net asset
value (a) 1.20%(b) 8.99% 7.07%
========= ========= =========
Total return - based on market
value (c) (7.08)%(b) 14.57% 11.67%
========= ========= =========
RATIOS TO AVERAGE NET ASSETS
Expenses 0.93%(d)(e) 0.82%(e) 0.86%(e)
Net investment income 5.47%(d)(e) 6.20%(e) 6.83%(e)
Portfolio turnover 9%(b) 34% 15%
Net assets at end
of period (000) $ 205,135 $ 208,931 $ 203,533
(a) Total return at net asset value assuming all distributions reinvested.
(b) Not annualized.
(c) Total return at market value assuming all distributions reinvested and
excluding brokerage commissions.
(d) Annualized.
(e) The benefits derived from custody credits and directed brokerage
arrangements had no impact. Prior years' ratios are net of benefits
received, if any.
<PAGE>
FINANCIAL HIGHLIGHTS - CONT.
Year ended November 30
--------------------------------------------
1996 1995 1994
$ 7.480 $ 7.150 $ 7.830
--------- --------- ---------
0.508 0.547 0.609
(0.068) 0.335 (0.707)
--------- --------- ---------
0.440 0.882 (0.098)
--------- --------- ---------
(0.510) (0.552) (0.582)
--------- --------- ---------
(0.510) (0.552) (0.582)
--------- --------- ---------
$ 7.410 $ 7.480 $ 7.150
========= ========= =========
$ 7.250 $ 6.750 $ 6.750
========= ========= =========
6.38% 12.96% (0.42)%
========= ========= =========
15.36% 8.04% (10.06)%
========= ========= =========
0.91%(e) 0.98%(e) 0.90%
6.87%(e) 7.47%(e) 8.12%
22% 24% 24%
$ 202,793 $ 204,666 $ 195,444
<PAGE>
- --------------------------------------------------------------------------------
DIVIDEND REINVESTMENT PLAN
As a shareholder in the Trust you are eligible to participate in the Dividend
Reinvestment Plan. The Trust generally distributes net investment income monthly
and capital gains annually. Under the Trust's Dividend Reinvestment and Cash
Purchase Plan (the "Plan") shareholders may elect to have all distributions
reinvested automatically in additional shares of the Trust. Shareholders not
making such election will receive all distributions in cash paid by check mailed
directly to the record holder by the dividend paying agent.
Shareholders participating in the Plan will receive distributions in the form of
shares of the Trust. If the market price of the shares on the distribution
payment date is equal to or greater than the net asset value, Plan participants
will be issued shares at the higher of net asset value or 95% of the market
price. For shares issued at a discount from market value, the difference between
market value and issue price may represent taxable income at the time of
issuance. Any portion of the discount includable in income will increase the
basis of the shares issued. If net asset value exceeds the market price, or the
distribution is payable only in cash, shares will be bought in the open market
for the accounts of Plan participants. If the market price surpasses the net
asset value before such purchasing is completed, the average per share price
paid may exceed the net asset value of the shares, resulting in the acquisition
of fewer shares than if the distribution had been in newly-issued shares.
Participants in the Plan have the option of making additional cash payments to
the Plan administrator semiannually, for investment in the Trust's shares. Such
payments may be made in any amount from $100 to $500. The administrator will use
all funds received from participants (as well as any dividends and distributions
received in cash) to purchase Trust shares in the open market semiannually.
Interest will not be paid on any uninvested cash payments. Please refer to the
Dividend Reinvestment and Cash Purchase Plan pamphlet for further details.
All Plan accounts receive monthly written confirmations of all transactions.
Shares purchased under the Plan are ordinarily held in uncertificated form,
although participants have the right to receive certificates for whole shares
issued to them.
Each shareholder's proxy includes shares purchased pursuant to the Plan. The
automatic reinvestment of distributions does not relieve participants of any
income tax payable on the distributions. Participants may recognize capital gain
or ordinary income for federal income tax purposes in an amount equal to the
market value of shares received under the Plan.
Fees and expenses of the Plan other than brokerage charges will be paid by the
Trust. No brokerage charges are incurred on shares issued directly by the Trust.
Participants will bear a pro-rata share of brokerage charges incurred on open
market purchases.
A Plan participant may terminate his or her participation by written notice to
the Plan agent. The Plan may be amended or terminated on 30 days written notice
to the Plan participants. Upon withdrawal by any participant or any termination
of the Plan, certificates for whole shares will be issued and cash payments will
be made for any fractional shares. All correspondence concerning the Plan should
be directed to State Street Bank and Trust Company, the Trust's dividend
disbursing agent and administrator of the Plan, at P.O. Box 8200, Boston,
Massachusetts 02266-8200.
- --------------------------------------------------------------------------------
<PAGE>
IMPORTANT INFORMATION ABOUT THIS REPORT
The Transfer Agent for Colonial Municipal Income Trust is:
State Street Bank and Trust Company
P.O. Box 8200
Boston, MA 02266-8200
1-800-426-5523
Colonial Municipal Income Trust mails one shareholder report to each shareholder
address. If you would like more than one report, please call 1-800-426-3750 and
additional reports will be sent to you.
This report has been prepared for shareholders of Colonial Municipal Income
Trust.
<PAGE>
- --------------------------------------------------------------------------------
TRUSTEES
ROBERT J. BIRNBAUM
Consultant (formerly Special Counsel, Dechert, Price & Rhoads; President and
Chief Operating Officer, New York Stock Exchange, Inc.; President, American
Stock Exchange Inc.)
TOM BLEASDALE
Retired (formerly Chairman of the Board and Chief Executive Officer, Shore Bank
& Trust Company)
JOHN V. CARBERRY
Senior Vice President of Liberty Financial Companies, Inc. (formerly Managing
Director, Salomon Brothers)
LORA S. COLLINS
Attorney (formerly Attorney, Kramer, Levin, Naftalis & Frankel)
JAMES E. GRINNELL
Private Investor (formerly Senior Vice President-Operations, The Rockport
Company)
RICHARD W. LOWRY
Private Investor (formerly Chairman and Chief Executive Officer, U.S. Plywood
Corporation)
SALVATORE MACERA
Private Investor (formerly Executive Vice President of Itek Corp. and President
of Itek Optical & Electronic Industries, Inc.)
WILLIAM E. MAYER
Partner, Development Capital, LLC (formerly Dean, College of Business and
Management, University of Maryland; Dean, Simon Graduate School of Business,
University of Rochester; Chairman and Chief Executive Officer, CS First Boston
Merchant Bank; and President and Chief Executive Officer, The First Boston
Corporation)
JAMES L. MOODY, JR.
Retired (formerly Chairman of the Board, Chief Executive Officer and Director,
Hannaford Bros. Co.)
JOHN J. NEUHAUSER
Dean, Boston College School of Management
THOMAS E. STITZEL
Professor of Finance, College of Business, Boise State University; Business
Consultant and Author
ROBERT L. SULLIVAN
Retired Partner, KPMG LLP (formerly Management Consultant, Saatchi and Saatchi
Consulting Ltd. and Principal and International Practice Director, Management
Consulting, Peat Marwick Main & Co.)
ANNE-LEE VERVILLE
Consultant (formerly General Manager, Global Education Industry, and President,
Applications Solutions Division, IBM Corporation)
IT-03/299H-0599 (7/99) 99/805
- --------------------------------------------------------------------------------
