POWER OF ATTORNEY
                         For Executing Forms 3, 4 and 5




     KNOW ALL BY THESE  PRESENTS,  that the undersigned  hereby  constitutes and
appoints each of Clifford J. Alexander,  Kathy Kresch Ingber, David A. Rozenson,
Lawrence R.  Morgenthal,  Ryan C. Larrenaga,  Tim L. Curtin,  Laurie Russell and
Michelle Rhee signing singly, his/her true and lawful attorney-in-fact to:

(1)  execute  for and on  behalf  of the  undersigned  Forms 3, 4 and/or  5, and
     amendments  thereto in  accordance  with  Section  16(a) of the  Securities
     Exchange Act of 1934, as amended, and the rules thereunder;

(2)  do and perform any and all acts for and on behalf of the  undersigned  that
     may be necessary or desirable to complete the execution of any such Form 3,
     4 or 5, or amendment  thereto,  and the filing of such form with the United
     States  Securities and Exchange  Commission and any other stock exchange or
     similar authority,  including preparing,  executing and filing Form ID with
     the Securities and Exchange Commission; and

(3)  take  any  other  action  of any type  whatsoever  in  connection  with the
     foregoing that, in the opinion of such attorney-in-fact,  may be of benefit
     to, in the best interest of, or legally  required by, the  undersigned,  it
     being understood that the documents  executed by such  attorney-in-fact  on
     behalf of the  undersigned  pursuant to this Power of Attorney  shall be in
     such  form  and  shall   contain   such  terms  and   conditions   as  such
     attorney-in-fact may approve in his/her discretion.

     The undersigned hereby grants to each such  attorney-in-fact full power and
authority  to do and perform all and every act and thing  whatsoever  requisite,
necessary  and proper to be done in the exercise of any of the rights and powers
herein granted, as fully to all intents and purposes as the undersigned might or
could do if personally  present,  with full power of substitution or revocation,
hereby  ratifying  and  confirming  all that such  attorney-in-fact,  or his/her
substitute or  substitutes,  shall  lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted. The undersigned
acknowledges that the foregoing  attorneys-in-fact,  in serving in such capacity
at the request of the  undersigned,  are not assuming  any of the  undersigned's
responsibilities  to comply with  Section 16 of the  Securities  Exchange Act of
1934, as amended.

     The  undersigned  acknowledges  that this Power of Attorney  applies to the
filing of Forms 3, 4 or 5 with  respect  to the  undersigned's  holdings  of and
transactions in the following funds:

                                             
Liberty All-Star Equity Fund                    Liberty All-Star Growth Fund, Inc.
Colonial New York Insured Municipal Fund        Colonial High Income Municipal Trust
Colonial Investment Grade Municipal Trust       Colonial Intermediate High Income Fund



Colonial Intermarket Income Trust I             Colonial California Insurance Municipal Fund
Colonial Insured Municipal Fund                 Colonial Municipal Income Trust



     This  power-of-attorney  shall  expire  when the  undersigned  ceases to be
required to file a Form 3, 4 or 5 with the United States Securities and Exchange
Commission or any other authority.

     IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be
executed as of this 6th day of February, 2006.


                                          /s/ Barry S. Vallan
                                          -------------------
                                          Barry S. Vallan