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COLONIAL GROUP OF MUTUAL FUNDS ISSUES NOTICE OF DISTRIBUTION DECLARATION

    BOSTON, Mass., Aug. 5 /PRNewswire/ -- The following regular monthly distributions have been declared by the Dividend Committee of each Fund's Board of Trustees:
     COLONIAL INTERMARKET INCOME TRUST I (NYSE: CMK)
                              Current Month              Prior Month
    Dividend amount:           9 cents                    9 cents
    Payable date:              Sept. 1, 1993              Aug. 2, 1993
    Record date:               Aug. 16, 1993              July 15, 1993
    COLONIAL INVESTMENT GRADE MUNICIPAL TRUST (NYSE: CXH)
                              Current Month              Prior Month
    Dividend amount:           69 cents                   69 cents
    Payable date:              Sept. 1, 1993              Aug. 2, 1993
    Record date:               Aug. 16, 1993              July 15, 1993
    Colonial Investment Grade Municipal Trust anticipates that, subject to market conditions, the distribution from investment income with a record date of Sept. 15, payable date Oct. 1, may have to be reduced.
    According to Portfolio Manager Jeff Augustine, "Many tax-exempt issuers are taking advantage of declining interest rates by retiring their higher yielding bonds and issuing new debt at lower rates.  This refunding and call activity has saved tax payers and rate payers a great deal of money, but requires your fund to replace called bonds with lower-yielding bonds.  This likely will require us to reduce the fund's distribution by 8-10 percent.  However, the fund's distribution will still be very attractive when compared with other tax-exempt fixed-income investments."
    -0-             08/05/93
    CONTACT:  Tad Gillespie, Colonial Group of Mutual Funds,  800-225-2365
    (COGRA CMK CXH) CO:  COLONIAL GROUP OF MUTUAL FUNDS IN:  FIN ST:  MA


-- NE010 -- X341 08/05/93
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Publication:PR Newswire
Date:Aug 5, 1993
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