NOTE 1. INTERIM FINANCIAL STATEMENTS
In the opinion of management of Colonial InterMarket Income Trust I (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, 2000, 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
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 investment objective is to seek as high
a level of current income and total return as is consistent with prudent risk, by diversifying investments primarily in
U.S. and foreign government and lower-rated corporate debt securities. 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
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.
Equity securities generally are valued at the last sale price or, in the case of unlisted or listed securities for which
there were no sales during the day, at current quoted bid prices.
Forward currency contracts ar