BOSTON, May 25 /PRNewswire/ -- Colonial Insured Municipal Fund announced that the Fund has completed the liquidation of its assets, including its portfolio securities, pursuant to the Plan of Liquidation approved by the Fund's Board of Trustees, as previously announced on May 9, 2007.
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The Fund also announced that the Board has authorized a first and final liquidating distribution on the Fund's common shares in the amount of $14.64401861 per share, representing the Fund's net asset value per share at the close of business on May 25, 2007, payable on May 30, 2007 to shareholders of record as of the close of business on May 25, 2007. Holders of the Fund's preferred shares will be paid their liquidation preference on May 25, 2007.
In this regard, the transfer agent books of the Fund were closed as of the close of business today, Friday, May 25, 2007. At this time, shareholders' respective interests in the Fund's assets are fixed and no longer transferable.
Shareholders of the Fund shares will receive their liquidating distributions without further action on their part. Shareholders holding certificates representing their shares ("Certificated Shareholders") may, but are not required to, return their share certificates to the Fund's transfer agent. Any stock certificates held after the liquidation of the Fund will no longer evidence an ownership interest in the Fund and will not be accepted by the Fund's transfer agent.
Shareholders receiving a liquidating distribution will be eligible to invest these proceeds in Class A shares at net asset value of certain other Columbia Funds for 90 days following the date of the liquidation.
Colonial Insured Municipal Fund is a closed-end investment company managed by Columbia Management Advisors, LLC. The Fund seeks to provide current income generally exempt from ordinary federal income tax.
Columbia Management, based in Boston, MA, is the primary investment management division of Bank of America. Columbia Management, which offers products across an array of asset classes and investment styles to both individual and institutional investors, is focused on delivering strong investment performance and superior client service. As of March 31, 2007, Columbia Management and affiliates had $547.4 billion in assets under management. (1)
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 56 million consumer and small business relationships with more than 5,700 retail banking offices, more than 17,000 ATMs and award-winning online banking with nearly 22 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock is listed on the New York Stock Exchange. http://www.bankofamerica.com/
(1) Columbia Management and its affiliates comprise the wealth and investment management division of Bank of America Corporation. As of March 31, 2007, Columbia Management and its affiliates managed assets of $547.4 billion. Columbia Management and its affiliates managed assets consists of assets under the discretionary management of the three registered investment advisors, Columbia Management Advisors, LLC ($347.4 billion), Columbia Wanger Asset Management, L.P. ($35.1 billion) and Marsico Capital Management, LLC ($87.9 billion); the Bank of America Private Bank; Banc of America Investment Services, Inc; Banc of America Investment Advisors, Inc; Bank of America Capital Advisors, LLC, and Premier Banking and Investments.
Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member NASD and SIPC. Columbia Management Distributors, Inc. is part of Columbia Management and an affiliate of Bank of America Corporation.
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