Columbia Management Advisors Selling Closed-End Fund Management Business

Columbia Management Advisors, LLC (CMA), a subsidiary of Bank of America Corporation, has agreed to sell its Colonial closed-end fund management business to MFS Investment Management (MFS).
MFS, a registered investment adviser and a subsidiary of Sun Life Financial, will acquire the investment management of seven closed-end fixed income funds. The transaction is expected to close in the third quarter of 2007, subject to shareholder approval.
The seven closed-end funds include: Colonial California Insured Municipal Fund [CCA], Colonial High Income Municipal Trust [CXE], Colonial InterMarket Income Trust I [CMK], Colonial Intermediate High Income Fund [CIF], Colonial Investment Grade Municipal Trust [CXH], Colonial Insured Municipal Fund [CFX] and Colonial Municipal Income Trust [CMU].
The seven funds, five of which are listed on the NYSE and the others on the AMEX, have total managed assets of $1.2 billion and unleveraged assets of $839 million, as of March 31, 2007. MFS currently manages six closed-end funds totaling $2.8 billion in assets.