UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSR

                   CERTIFIED SHAREHOLDER REPORT OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANIES

                  Investment Company Act file number: 811-9539
                                                      --------

                    Colonial New York Insured Municipal Fund
               --------------------------------------------------
               (Exact name of registrant as specified in charter)

                One Financial Center, Boston, Massachusetts 02111
               --------------------------------------------------
               (Address of principal executive offices) (Zip code)

                            Vincent Pietropaolo, Esq.
                         Columbia Management Group, Inc.
                              One Financial Center
                                Boston, MA 02111
               --------------------------------------------------
                     (Name and address of agent for service)

Registrant's telephone number, including area code: 1-617-772-3698
                                                    ------------------

Date of fiscal year end:   11/30/2004       
                          ------------------

Date of reporting period:  11/30/2004       
                          ------------------


Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. Section 3507.



ITEM 1. REPORTS TO STOCKHOLDERS.

COLONIAL NEW YORK INSURED MUNICIPAL FUND

[photo of bridge]



ANNUAL REPORT
NOVEMBER 30, 2004



NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE







PRESIDENT'S MESSAGE


Dear Shareholder:

In 2004, Colonial Funds became part of the Bank of America family, one of the
largest, most respected financial institutions in the United States. As a direct
result of this merger, a number of changes are in the works that we believe
offer significant potential benefits for our shareholders. First, some funds may
be merged in order to eliminate redundancies, others may be liquidated and fund
management teams will be aligned to maximize performance potential. You will
receive more detailed information about these changes if your fund is affected
and you may be asked to vote on certain fund changes. In this matter, your
timely response will enable us to implement the changes in 2005.

As a result of these changes, we believe we will offer shareholders an even
stronger lineup of investment options. What will not change as we enter this
next phase of consolidation is our commitment to the highest standards of
performance and our dedication to superior service. Change for the good has
another name: it's called improvement. It helps move us forward, and we believe
that it represents progress for all our shareholders in their quest for
long-term financial success.

In the pages that follow, you'll find a detailed report from the fund's manager
or managers on key factors that influenced your fund's performance. We hope that
you will read the manager reports carefully and discuss any questions you might
have with your financial advisor.

As always, we thank you for choosing Colonial Funds. We appreciate your
continued confidence. And, we look forward to helping you keep your long-term
financial goals on target in the years to come.

Sincerely,

/s/ Christopher L. Wilson

Christopher L. Wilson

Head of Mutual Funds, Columbia Management

Christopher Wilson is Head of Mutual Funds for Columbia Management, responsible
for the day-to-day delivery of mutual fund services to the firm's investors.
With the exception of distribution, Chris oversees all aspects of the mutual
fund services operation, including treasury, investment accounting and
shareholder and broker services. Chris serves as Columbia Management's liaison
to the mutual fund boards of trustees.

Chris joined Bank of America in August 2004.

Economic and market conditions change frequently. There is no assurance that
trends described in this report will continue or commence.



PORTFOLIO MANAGER'S REPORT

PRICE PER SHARE AS OF 11/30/04 ($)

Net asset value          15.66
------------------------------
Market price             14.27
------------------------------


1-YEAR TOTAL RETURN
AS OF 11/30/04 (%)

Net asset value           4.94
------------------------------
Market price            (2.69)
------------------------------


Lipper New York Insured
Municipal Debt Funds
Category average          4.36
------------------------------

All results shown assume reinvestment of distributions.


DISTRIBUTIONS DECLARED
PER COMMON SHARE
12/01/03-11/30/04 ($)
                          0.98
------------------------------

A portion of the fund's income may be subject to the alternative minimum tax.
The fund may at times purchase tax-exempt securities at a discount from their
original issue price. Some or all of this discount may be included in the fund's
ordinary income, and any market discount is taxable when distributed.


TOP 5 SECTORS AS OF 11/30/04 (%)

Education                 17.7
------------------------------
Refunded/escrowed         14.3
------------------------------
Hospital                  12.9
------------------------------
Special non-property tax  10.2
------------------------------
Water & sewer              6.9
------------------------------


QUALITY BREAKDOWN
AS OF 11/30/04 (%)

AAA                       87.1
------------------------------
AA                         5.4
------------------------------
A                          1.6
------------------------------
BBB                        2.5
------------------------------
BB                         0.3
------------------------------
Non-rated                  1.8
------------------------------
Cash equivalents           1.3
------------------------------

Sector and quality breakdowns are calculated as a percentage of total
investments. Ratings shown in the quality breakdown represent the lowest rating
assigned to a particular bond by one of the following nationally-recognized
rating agencies: Standard & Poor's, a division of The McGraw-Hill Companies,
Inc., Moody's Investors Service, Inc. or Fitch Ratings Ltd.

Because the fund is actively managed, there is no guarantee that the fund will
continue to invest in these sectors or maintain this quality breakdown in the
future.

For the 12-month period ended November 30, 2004, Colonial New York Insured
Municipal Fund had a return of negative 2.69% based on its market price. Changes
in the market price of the fund's shares reflect investor demand and are not
necessarily linked directly to changes in the fund's net asset value. The fund
returned 4.94%, based on investment at net asset value. The fund's return was
slightly higher than the average return of the fund's peer group, the Lipper New
York Insured Municipal Debt Funds Category, which was 4.36%.1 During the period,
we employed a strategy to improve the overall total return characteristics of
the fund. We reduced our exposure to the short maturity range (2-6 years) by
selling premium coupon longer-maturity bonds which were priced to their
near-term call date. As we sold these bonds, we used the proceeds to invest in
non-callable bonds and bonds with good call protection, maturing in
approximately 20 years. We believed this maturity range offered good potential
for positive total returns, a belief that was borne out as interest rates on
intermediate bonds declined (and prices rose) during the period.

HIGH-YIELD BONDS AND LEVERAGED POSITIONS MADE
POSITIVE CONTRIBUTIONS

The fund's performance was helped by our focus on intermediate bonds, which
performed well during the period. The fund was also helped by our decision to
limit exposure to bonds which have a short maturity or are priced to a call date
within six years. Yields in this range generally rose, and prices declined, as
the Federal Reserve began to move the federal funds rate higher.

During the period, several bonds were pre-refunded, which also helped
performance. Bonds are pre-refunded when an issuer issues new bonds and uses the
proceeds to invest in US Treasury bonds for the purpose of redeeming the older
bonds, usually at the near-term call date. Pre-refunding typically boosts the
credit quality of an issue and shortens its maturity, which increases its value.
In addition, the fund's riskier lower quality bonds (rated Baa or lower by
Moody's) generally helped performance. Lower quality bonds were strong
performers and provided the fund with a good income stream, which contributed to
the fund's total return. Leveraged positions provided the fund with additional
income during the period. We have, in effect, "borrowed against" the fund's
investment positions by issuing preferred shares, which pay out a short-term
variable rate. When these preferred shares were issued in 1999, we invested the
proceeds in bonds with longer maturities. During this reporting period, the
payout rate of preferred shares was lower than the yield the fund earned from
those longer-maturity bonds. However, as short-term rates rose, the fund's
dividend was reduced. In addition, the use of leverage increases the likelihood
of share price volatility and market risk.

---------
1    Lipper Inc., a widely respected data provider in the industry, calculates
     an average return based on net asset value for mutual funds with similar
     investment objectives as the fund.




1


PORTFOLIO MANAGER'S REPORT (CONTINUED)

NEW YORK'S ECONOMY IMPROVES, BUT CHALLENGES REMAIN Although recent economic
improvements have reduced the possibility of

bond-rating downgrades for New York, we still have concerns. Questions persist
about the state's high budget deficits and debt levels as well as continued
reliance on one-time, non-recurring items to reduce the deficit. In addition,
there is the possibility that the state could face a higher commitment for
school funding. A New York court has ordered increased funding for certain
school districts, including New York City, which have been cited for failing to
provide basic education for all children.

Against this backdrop, we plan to maintain our focus on longer-intermediate
bonds with good call protection. We expect to continue to seek bonds that have
dedicated revenue streams, offer good value, and are less vulnerable to the
state's fiscal problems. If the economy accelerates or inflation increases, we
could change our focus.

/s/ Kimberly Campbell

Kimberly Campbell has been the portfolio manager of Colonial New York Insured
Municipal Fund since October 2003. During the period March 2004 to April 2004,
Ms. Campbell was on a leave of absence. Ms. Campbell has been with Columbia
Management Advisors, Inc. or its predecessors or affiliate organizations since
1995.




Performance data quoted represents past performance and current performance may
be lower or higher. Past performance is no guarantee of future results.

The values of fixed-income securities generally move inversely with changes in
interest rates such that when interest rates rise, bond values fall and vice
versa. Tax-exempt investing offers current tax-free income, but it also involves
certain risks. The value of the fund shares will be affected by interest rate
changes and the creditworthiness of issues held in the fund. Investing in high
yield securities offers the potential for high current income and attractive
total return, but involves certain risks. Lower-rated bond risks include default
of the issuer and rising interest rates.

Single-state municipal bond funds pose additional risks due to limited
geographical diversification. Interest income from certain tax-exempt bonds may
be subject to the federal alternative minimum tax for individuals and
corporations. Please see Federal Income Tax Information.

2


INVESTMENT PORTFOLIO


November 30, 2004 (New York unless otherwise stated)


MUNICIPAL BONDS - 151.3%             PAR ($)    VALUE ($)
-----------------------------------------------------------
EDUCATION - 27.1%
Niagara County Industrial Development
   Agency, Niagara University,
   Series 2001 A,
   Insured: RAD
     5.350% 11/01/23                 1,000,000    1,049,130
Schenectady Industrial Development
   Agency, Union College, Series 1999 A,
   Insured: AMBAC
     5.450% 12/01/29                 1,000,000    1,065,890
State Dormitory Authority:
   Cooper Union, Series 1999,
   Insured: MBIA
     6.000% 07/01/19                 1,000,000    1,130,820
   New York University:
   Series 1998 A,
   Insured: MBIA
     5.750% 07/01/27                 1,500,000    1,739,520
   Series 2001,
   Insured: AMBAC
     5.500% 07/01/22                   690,000      789,560
   Pratt Institute, Series 1999,
   Insured: RAD
     6.000% 07/01/28                   500,000      540,065
   Yeshiva University, Series 2004,
   Insured: AMBAC
     5.250% 07/01/21                   500,000      541,470
                                                -----------
                              EDUCATION TOTAL     6,856,455
                                                -----------

-----------------------------------------------------------
HEALTH CARE - 26.2%
CONTINUING CARE RETIREMENT - 2.2%
State Dormitory Authority,
   Miriam Osborn Memorial Home,
   Series 2000 B,
   Insured: ACA
     6.875% 07/01/19                   300,000      338,082
Suffolk County Industrial Development
   Agency, Jefferson Ferry, Series 1999 A,
     7.200% 11/01/19                   200,000      213,970
                                                -----------
             Continuing Care Retirement Total       552,052
                                                -----------

HOSPITALS - 19.7%
State Dormitory Authority:
   Memorial Sloan Center,
   Series 2003 1,
   Insured: MBIA
     (a) 07/01/25                    1,000,000      365,460
   New Island Hospital,
   Series 1999 B,
   Insured: MBIA
     5.750% 07/01/19                 1,000,000    1,074,870
   New York Methodist Hospital,
   Series 2004,
     5.250% 07/01/18                   250,000      265,060





                                     PAR ($)    VALUE ($)
-----------------------------------------------------------

   Sloan Kettering Cancer Center,
   Series 1998,
   Insured: MBIA
     5.500% 07/01/23                 1,000,000    1,131,780
   St. Francis Hospital,
   Series 1999 A,
   Insured: MBIA
     5.500% 07/01/29                 1,000,000    1,062,910
   The New York & Presbyterian Hospital,
   Series 2004 A,
   Insured: FSA
     5.250% 08/15/19                 1,000,000    1,081,290
                                                -----------
                              Hospitals Total     4,981,370
                                                -----------

NURSING HOMES - 4.3%
Syracuse Housing Authority,
   Loretto Rest, Series 1997 A,
   Insured: FHA
     5.700% 08/01/27                 1,000,000    1,078,310
                                                -----------
                           Nursing Homes Total    1,078,310
                                                -----------
                             HEALTH CARE TOTAL    6,611,732
                                                -----------

-----------------------------------------------------------
HOUSING - 5.3%
ASSISTED LIVING/SENIOR - 3.3%
Huntington Housing Authority,
   Gurwin Jewish Senior Center,
   Series 1999,
     6.000% 05/01/29                   200,000      187,562
State Dormitory Authority,
   Willow Towers, Inc., Series 2002,
   Insured: GNMA
     5.250% 02/01/22                   500,000      531,295
Suffolk County Industrial Development
   Agency, Gurwin Jewish Phase II,
     6.700% 05/01/39                   100,000      101,417
                                                -----------
                  Assisted Living/Senior Total      820,274
                                                -----------

SINGLE FAMILY - 2.0%
State Mortgage Agency,
   Series 1999 8-2, AMT,
     5.650% 04/01/30                   490,000      509,036
                                                -----------
                           Single Family Total      509,036
                                                -----------
                                HOUSING TOTAL     1,329,310
                                                -----------

-----------------------------------------------------------
OTHER - 24.2%
POOL/BOND BANK - 2.3%
State Environmental Facilities Corp.,
   Series 2000 B,
     5.700% 07/15/22                   525,000      582,887
                                                -----------
                          Pool/Bond Bank Total      582,887
                                                -----------



See Accompanying Notes to Financial Statements.



3




INVESTMENT PORTFOLIO (CONTINUED)


November 30, 2004 (New York unless otherwise stated)


MUNICIPAL BONDS (CONTINUED)          PAR ($)    VALUE ($)
-----------------------------------------------------------

OTHER (CONTINUED)
REFUNDED/ESCROWED (B) - 21.9%
Albany Municipal Water Finance
   Authority, Series 2000 A,
   Insured: FGIC
     6.375% 12/01/17                   200,000      234,390
New York City Transportation
   Authority, Series 1999 A,
   Insured: AMBAC
     5.250% 01/01/29                 1,000,000    1,114,470
State Dormitory Authority,
   State University of New York,
   Series 1999 C,
   Insured: MBIA
     5.500% 07/01/29                 1,200,000    1,348,512
State Environmental Facilities Corp.,
   Series 2000 B,
     5.700% 07/15/22                    15,000       17,010
State Urban Development Corp.,
   Correctional Facilities Services,
   Series 1999 C,
   Insured: AMBAC
     6.000% 01/01/29                 1,000,000    1,133,720
Triborough Bridge & Tunnel Authority,
   Series 1992 Y,
     6.125% 01/01/21                 1,390,000    1,685,389
                                                -----------
                       Refunded/Escrowed Total    5,533,491
                                                -----------
                                   OTHER TOTAL    6,116,378
                                                -----------

-----------------------------------------------------------
OTHER REVENUE - 2.1%
RECREATION - 2.1%
New York City Cultural Trust,
   American Museum of Natural History,
   Series 1997 A,
   Insured: MBIA
     5.650% 04/01/22                   500,000      536,320
                                                -----------
                             Recreation Total       536,320
                                                -----------
                          OTHER REVENUE TOTAL       536,320
                                                -----------

-----------------------------------------------------------
TAX-BACKED - 19.3%
LOCAL GENERAL OBLIGATIONS - 1.3%
PR Commonwealth of Puerto Rico,
   Municipal Finance Agency,
   Series 1999 A,
   Insured: FSA
     5.500% 08/01/23                   300,000      328,020
                                                -----------
               Local General Obligations Total      328,020
                                                -----------

SPECIAL NON-PROPERTY TAX - 15.7%
Metropolitan Transportation Authority,
   Series A,
   Insured: FGIC
     5.250% 11/15/18                   400,000      449,876




                                     PAR ($)    VALUE ($)
-----------------------------------------------------------

New York State Thruway Authority,
   Personal Income Tax Revenue,
   Series 2004 A,
   Insured: AMBAC
     5.000% 03/15/23                 1,000,000    1,045,630
Sales Tax Asset Receivables Corp.,
   Series 2004 A,
   Insured: MBIA
     5.000% 10/15/26                 1,000,000    1,027,410
State Urban Development Corp.,
   Personal Income Tax, Series 1999 C-1,
   Insured: MBIA
     5.000% 03/15/23                 1,000,000    1,039,830
Virgin Islands Public Finance Authority,
   Series 1999,
     6.500% 10/01/24                   350,000      402,311
                                                -----------
                Special Non-Property Tax Total    3,965,057
                                                -----------

STATE APPROPRIATED - 2.3%
Metropolitan Transportation Authority,
   Series 2002,
   Insured: FGIC
     5.500% 07/01/17                   500,000      571,450
                                                -----------
                      State Appropriated Total      571,450
                                                -----------
                              TAX BACKED TOTAL    4,864,527
                                                -----------

-----------------------------------------------------------
TRANSPORTATION - 25.3%
AIR TRANSPORTATION - 0.4%
New York City Industrial Development
   Agency, British Airways PLC,
   Series 2002, AMT,
     7.625% 12/01/32                   100,000      101,012
                                                -----------
                      Air Transportation Total      101,012
                                                -----------

AIRPORTS - 5.5%
Niagara Frontier Transportation Authority,
   Series 1999 A, AMT,
   Insured: MBIA
     5.625% 04/01/29                 1,350,000    1,396,345
                                                -----------
                               Airports Total     1,396,345
                                                -----------

PORTS - 6.5%
Port Authority of New York & New Jersey,
   Series 2004, AMT,
   Insured: FSA
     5.500% 07/15/19                 1,500,000    1,640,595
                                                -----------
                                  Ports Total     1,640,595
                                                -----------

TOLL FACILITIES - 8.6%
New York Thruway Authority,
   Second General Highway & Bridge,
   Series A,
   Insured: MBIA
     5.000% 04/01/21 (c)             1,000,000    1,055,670




See Accompanying Notes to Financial Statements.


4



INVESTMENT PORTFOLIO (CONTINUED)


November 30, 2004 (New York unless otherwise stated)


MUNICIPAL BONDS (CONTINUED)          PAR ($)    VALUE ($)
-----------------------------------------------------------

TRANSPORTATION (CONTINUED)
TOLL FACILITIES (CONTINUED)
Triborough Bridge & Tunnel Authority,
   Series 2002,
   Insured: MBIA:
     5.500% 11/15/18                   480,000      552,538
     5.500% 11/15/20                   500,000      576,290
                                                -----------
                         Toll Facilities Total    2,184,498
                                                -----------

TRANSPORTATION - 4.3%
Metropolitan Transportation Authority:
   Series 2002 A,
   Insured: FSA
     5.000% 11/15/30                   500,000      505,880
   Series 2002 E,
   Insured: MBIA
     5.500% 11/15/15                   500,000      571,740
                                                -----------
                         Transportation Total     1,077,620
                                                -----------
                         TRANSPORTATION TOTAL     6,400,070
                                                -----------

-----------------------------------------------------------
UTILITY - 21.8%
INDEPENDENT POWER PRODUCERS - 3.0%
New York City Industrial Development
   Agency, Brooklyn Navy Yard Partners,
   Series 1997, AMT,
     5.650% 10/01/28                   300,000      278,118
Port Authority of New York & New Jersey,
   KIAC Partners, Series 1996 IV, AMT,
     6.750% 10/01/19                   200,000      207,248
PR Commonwealth of Puerto Rico Industrial,
   Educational, Medical & Environmental
   Cogeneration Facilities, AES Project,
   Series 2000, AMT,
     6.625% 06/01/26                   250,000      269,428
                                                -----------
             Independent Power Producers Total      754,794
                                                -----------

MUNICIPAL ELECTRIC - 8.3%
Long Island Power Authority:
   Series 1998 A,
   Insured: AMBAC
     5.250% 12/01/26                 1,000,000    1,048,190
   Series 2000 A,
   Insured: FSA
     (a) 06/01/19                    2,000,000    1,042,980
                                                -----------
                      Municipal Electric Total    2,091,170
                                                -----------

WATER & SEWER - 10.5%
Buffalo Municipal Water Finance
   Authority, Series 1999,
   Insured: FSA
     6.000% 07/01/29                 1,450,000    1,614,676




                                     PAR ($)    VALUE ($)
-----------------------------------------------------------

New York Municipal Water Finance
   Authority, Water & Sewer Systems
   Revenue, Series 2004 B,
   Insured: AMBAC
     5.000% 06/15/22 (d)             1,000,000    1,049,920
                                                -----------
                           Water & Sewer Total    2,664,596
                                                -----------
                                 UTILITY TOTAL    5,510,560
                                                -----------

TOTAL MUNICIPAL BONDS
   (cost of $35,147,388)                         38,225,352
                                                -----------

-----------------------------------------------------------
SHORT-TERM OBLIGATIONS - 2.0%
VARIABLE RATE DEMAND NOTES (E) - 2.0%
Missouri State Health & Educational
   Facilities Authority, Washington
   University, Series 1996 D,
     1.680% 09/01/30                   100,000      100,000
New York City:
   Sub-Series 1993 A-4,
     1.670% 08/01/22                   100,000      100,000
   Sub-Series 1993 A-7,
     1.640% 08/01/19                   100,000      100,000
   Sub-Series 1993 A-7,
     1.640% 08/01/20                   100,000      100,000
New York City Municipal,
   Water Finance Authority,
   Water & Sewer Systems Revenue,
   Series 1994 G,
     1.640% 06/15/24                   100,000      100,000
                                                -----------
                         VARIABLE RATE DEMAND
                                   NOTES TOTAL      500,000
                                                -----------

SHORT-TERM OBLIGATIONS TOTAL
   (cost of $500,000)                               500,000
                                                -----------

TOTAL INVESTMENTS - 153.3%
   (cost of $35,647,388) (f)                     38,725,352

AUCTION PREFERRED SHARES PLUS
CUMULATIVE UNPAID DISTRIBUTIONS - (55.8)%       (14,102,377)

OTHER ASSETS & LIABILITIES, NET - 2.5%              640,359
                                                -----------

NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS - 100.0%                     25,263,334
                                                ===========





See Accompanying Notes to Financial Statements.


5



INVESTMENT PORTFOLIO (CONTINUED)


November 30, 2004 (New York unless otherwise stated)



NOTES TO INVESTMENT PORTFOLIO:
--------------------------------------------------------------------------------

(a) Zero coupon bond.
(b) The Fund has been informed that each issuer has placed direct obligations of
    the U.S. Government in an irrevocable trust, solely for the payment of
    principal and interest.
(c) A portion of this security with a market value of $1,013,443 is pledged as
    collateral for open futures contracts.
(d) Security purchased on a delayed delivery basis.
(e) Variable rate demand notes. These securities are payable upon demand and are
    secured by letters of credit or other credit support agreements from banks.
    The interest rates change periodically and the interest rates shown reflect
    the rates as of November 30, 2004.
(f) Cost for federal income tax purposes is $35,601,016.


At November 30, 2004, the Fund held the following open short futures contracts:

                                 Aggregate     Expiration     Unrealized
Type       Contracts   Value     Face Value        Date       Depreciation
--------------------------------------------------------------------------------
10-Year U.S.
  Treasury
  Note         52    $5,759,000    $5,748,921     Mar-2005       $(10,079)
                                                                 --------


           ACRONYM                    NAME
      ----------------------------------------------------------
          ACA                   ACA Financial Guaranty Corp.
          AMT                   Alternative Minimum Tax
          AMBAC                 Ambac Assurance Corp.
          FGIC                  Financial Guaranty Insurance Co.
          FHA                   Federal Housing Administration
          FSA                   Financial Security Assurance, Inc.
          GNMA                  Government National Mortgage Association
          MBIA                  MBIA Insurance Corp.
          RAD                   Radian Asset Assurance, Inc.


At November 30, 2004, the Fund held investments in the following sectors:

                                                         % OF
HOLDINGS BY REVENUE SOURCE (UNAUDITED)             NET ASSETS
-------------------------------------------------------------
Education                                             27.1
Health Care                                           26.2
Transportation                                        25.3
Other                                                 24.2
Utility                                               21.8
Tax-Backed                                            19.3
Housing                                                5.3
Other Revenue                                          2.1
Short-Term Obligations                                 2.0
Auction Preferred Shares                             (55.8)
Other Assets & Liabilities, Net                        2.5
                                                    ------
                                                     100.0
                                                    ------





6



STATEMENT OF ASSETS AND LIABILITIES


November 30, 2004



ASSETS:
Investments, at cost                           $ 35,647,388
                                               ------------
Investments, at value                          $ 38,725,352
Cash                                                 23,322
Receivable for:
   Investments sold                               1,172,855
   Interest                                         581,782
Deferred Trustees' compensation plan                  3,848
                                               ------------
   Total Assets                                  40,507,159
                                               ------------

LIABILITIES:
Expense reimbursement due to Investment Advisor      24,233
Payable for:
   Investments purchased 
      on a delayed delivery basis                 1,057,320 
   Preferred shares remarketing commissions             483 
   Futures variation margin on open and
      closed contracts                                1,428
   Distributions-- preferred shares                   2,377
   Investment advisory fee                           11,577
   Pricing and bookkeeping fees                       2,826
   Audit fee                                         26,860
   Transfer agent fee                                 2,818
   Reports to shareholders                            8,470
Deferred Trustees' fees                               3,848
Other liabilities                                     1,585
                                               ------------
   Total Liabilities                              1,143,825
                                               ------------

AUCTION PREFERRED SHARES (564 shares issued
   and outstanding at $25,000 per share)       $ 14,100,000
                                               ------------


COMPOSITION OF NET ASSETS
   APPLICABLE TO COMMON SHARES:
Paid-in capital-- common shares                $ 22,796,432
Undistributed net investment income                  45,082
Accumulated net realized loss                      (646,065)
Net unrealized appreciation/depreciation on:
   Investments                                    3,077,964
   Futures contracts                                (10,079)
                                               ------------
Net assets at value applicable to 1,613,722
   common shares of beneficial interest
   outstanding                                 $ 25,263,334
                                               ============
Net asset value per common share               $      15.66
                                               ============




STATEMENT OF OPERATIONS


For the Year Ended November 30, 2004




INVESTMENT INCOME:
Interest                                       $  1,931,409
                                               ------------
EXPENSES:
Investment advisory fee                             256,213
Transfer agent fee                                   31,828
Pricing and bookkeeping fees                         35,263
Trustees' fees                                        5,935
Preferred shares remarketing commissions             35,386
Custody fee                                           4,893
Audit fee                                            23,359
Reports to shareholders                              30,789
Other expenses                                        5,630
                                               ------------
   Total Expenses                                   429,296
Fees and expenses waived or reimbursed
   by Investment Advisor                           (208,876)
Custody earnings credit                              (3,151)
                                               ------------
   Net Expenses                                     217,269
                                               ------------
Net Investment Income                             1,714,140
                                               ------------

NET REALIZED AND UNREALIZED GAIN (LOSS)
   ON INVESTMENTS AND FUTURES CONTRACTS:
Net realized gain (loss) on:
   Investments                                    1,254,077
   Futures contracts                               (183,372)
                                               ------------
      Net realized gain                           1,070,705
                                               ------------
Net change in unrealized
   appreciation/depreciation on:
   Investments                                   (1,435,342)
   Futures contracts                                (18,072)
                                               ------------
      Net change in unrealized
            appreciation/depreciation            (1,453,414)
                                               ------------
Net Loss                                           (382,709)
                                               ------------
Net Increase in Net Assets from Operations        1,331,431
                                               ------------

LESS DISTRIBUTIONS DECLARED TO
   PREFERRED SHAREHOLDERS:
From net investment income                         (139,434)
                                               ------------
Net Increase in Net Assets from Operations
   Applicable to Common Shares                 $  1,191,997
                                               ------------




See Accompanying Notes to Financial Statements.




7



STATEMENT OF CHANGES IN NET ASSETS



                                         YEAR ENDED
                                        NOVEMBER 30,
                                 --------------------------
INCREASE (DECREASE) IN NET ASSETS:   2004          2003
-----------------------------------------------------------
OPERATIONS:
Net investment income            $ 1,714,140    $ 1,791,101
Net realized gain (loss) on
   investments, futures contracts
   and written options             1,070,705       (724,866)
Net change in unrealized
   appreciation/depreciation
   on investments and
   futures contracts              (1,453,414)     1,187,599
                                 -----------    -----------
Net Increase from Operations       1,331,431      2,253,834
                                 -----------    -----------
LESS DISTRIBUTIONS DECLARED TO
   PREFERRED SHAREHOLDERS:
From net investment income          (139,434)      (131,449)
                                 -----------    -----------
Net Increase in Net Assets
   from Operations Applicable
   to Common Shares                1,191,997      2,122,385
                                 -----------    -----------
LESS DISTRIBUTIONS DECLARED TO
   COMMON SHAREHOLDERS:
From net investment income        (1,577,199)    (1,711,933)
                                 -----------    -----------

SHARE TRANSACTIONS:
Distributions reinvested --
   common shares                      15,217         48,187
                                 -----------    -----------
Total Increase (Decrease) in
   Net Assets Applicable
   to Common Shares                 (369,985)       458,639

NET ASSETS APPLICABLE TO
   COMMON SHARES:
Beginning of period               25,633,319     25,174,680
                                 -----------    -----------
End of period (including
   undistributed net investment
   income of $45,082 and
   $76,191, respectively)        $25,263,334    $25,633,319
                                 ===========    ===========






                                         YEAR ENDED
                                        NOVEMBER 30,
                                ----------------------------
NUMBER OF FUND SHARES:              2004           2003
------------------------------------------------------------
Common Shares:
Issued for distributions reinvested      943          3,036
Outstanding at:
   Beginning of period             1,612,779      1,609,743
                                 -----------    -----------
   End of period                   1,613,722      1,612,779
                                 -----------    -----------
Preferred Shares:
Outstanding at end of period             564            564
                                 -----------    -----------





See Accompanying Notes to Financial Statements.



8


NOTES TO FINANCIAL STATEMENTS

November 30, 2004


NOTE 1. ORGANIZATION

Colonial New York Insured Municipal Fund (the "Fund") is a Massachusetts
business trust registered under the Investment Company Act of 1940 (the "Act"),
as amended, as a non-diversified, closed-end management investment company.

INVESTMENT GOAL

The Fund seeks to provide current income generally exempt from ordinary federal
income tax and New York State and City personal income tax. 

FUND SHARES 

The Fund may issue an unlimited number of common shares. On December 20, 1999, 
the Fund issued 564 Auction Preferred Shares ("APS").

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management
to make estimates and assumptions that affect the reported amounts of assets and
liabilities, the disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenue and expenses during
the reporting period. Actual results could differ from those estimates. The
following is a summary of significant accounting policies consistently followed
by the Fund in the preparation of its financial statements.

SECURITY VALUATION

Debt securities generally are valued by pricing services approved by the Fund's
Board of Trustees, based upon market transactions for normal, institutional-size
trading units of similar securities. The services may use various pricing
techniques which take into account appropriate factors such as yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other data, as
well as broker quotes. Debt securities for which quotations are readily
available are valued at an over-the-counter or exchange bid quotation. Certain
debt securities, which tend to be more thinly traded and of lesser quality, are
priced based on fundamental analysis of the financial condition of the issuer
and the estimated value of any collateral. Valuations developed through pricing
techniques may vary from the actual amounts realized upon sale of the
securities, and the potential variation may be greater for those securities
valued using fundamental analysis. 

Short-term debt obligations maturing within 60 days are valued at amortized 
cost, which approximates market value.

Futures contracts are valued at the settlement price established each day by the
board of trade or exchange on which they are traded. 

Investments for which market quotations are not readily available, or quotations
which management believes are not appropriate, are valued at fair value as 
determined in good faith under consistently applied procedures established by 
and under the general supervision of the Board of Trustees.

SECURITY TRANSACTIONS

Security transactions are accounted for on the trade date. Cost is determined
and gains (losses) are based upon the specific identification method for both
financial statement and federal income tax purposes. 

FUTURES CONTRACTS 

The Fund may invest in municipal and U.S. Treasury futures contracts. The Fund 
will invest in these instruments to hedge against the effects of changes in the
value of portfolio securities due to anticipated changes in interest rates and/
or market conditions, for duration management, or when the transactions are
economically appropriate to the reduction of risk inherent in the management of
the Fund and not for trading purposes. The use of futures contracts involves
certain risks, which include: (1) imperfect correlation between the price
movement of the instruments and the underlying securities, (2) inability to
close out positions due to differing trading hours, or the temporary absence of
a liquid market, for either the instrument or the underlying securities, or (3)
an inaccurate prediction by Columbia Management Advisors, Inc. of the future
direction of interest rates. Any of these risks may involve amounts exceeding
the variation margin recorded in the Fund's Statement of Assets and Liabilities
at any given time.

Upon entering into a futures contract, the Fund deposits cash or securities with
the broker in an amount sufficient to meet the initial margin requirement.
Subsequent payments are made or received by the Fund equal to the daily change
in the contract value and are recorded as variation margin receivable or payable
and offset in unrealized gains or losses. The Fund also identifies portfolio
securities as segregated with the custodian in a separate account in an amount
equal to the futures contract. The Fund recognizes a realized gain or loss when
the contract is closed or expires.

9


NOTES TO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2004



DELAYED DELIVERY SECURITIES

The Fund may trade securities on other than normal settlement terms, including
securities purchased or sold on a "when-issued" basis. This may increase the
risk if the other party to the transaction fails to deliver and causes the Fund
to subsequently invest at less advantageous prices. The Fund identifies cash or
liquid portfolio securities as segregated with the custodian in an amount equal
to the delayed delivery commitment.

INCOME RECOGNITION

Interest income is recorded on the accrual basis. Original issue discount is
accreted to interest income over the life of the security with a corresponding
increase in the cost basis. Premium and discount are amortized and accreted,
respectively, on all debt securities.

FEDERAL INCOME TAX STATUS

The Fund intends to qualify each year as a "regulated investment company" under
Subchapter M of the Internal Revenue Code, as amended, and will distribute
substantially all of its tax-exempt or taxable income, if any, for its tax year,
and as such will not be subject to federal income taxes. In addition, the Fund
intends to distribute in each calendar year substantially all of its net
investment income, capital gains and certain other amounts, if any, such that
the Fund should not be subject to federal excise tax. Therefore, no federal
income or excise tax provision is recorded. 

DISTRIBUTIONS TO SHAREHOLDERS

Distributions to common shareholders are recorded on the ex-date. Distributions
to Auction Preferred shareholders are recorded daily and payable at the end of
each dividend period. Each dividend payment period for the APS is generally
seven days. The applicable dividend rate for the APS on November 30, 2004, was
1.20%. For the year ended November 30, 2004, the Fund declared dividends to
Auction Preferred shareholders amounting to $139,434, representing an average
dividend rate of 0.99% per APS.

NOTE 3. FEDERAL TAX INFORMATION 

The timing and character of income and capital gain distributions are determined
in accordance with income tax regulations, which may differ from GAAP.
Reclassifications are made to the Fund's capital accounts for permanent tax
differences to reflect income and gains available for distribution (or available
capital loss carryforwards) under income tax regulations. 

For the year ended November 30, 2004, permanent book and tax basis differences
resulting primarily from differing treatments for discount accretion/premium
amortization on debt securities and market discount reclassifications were
identified and reclassified among the components of the Fund's net assets as
follows:

      UNDISTRIBUTED      ACCUMULATED
      NET INVESTMENT    NET REALIZED        PAID-IN
          INCOME             LOSS            CAPITAL
       -------------    -------------     -------------
         $(28,616)         $28,615             $1

Net investment income and net realized gains (losses), as disclosed on the
Statement of Operations, and net assets were not affected by this
reclassification. 

The tax character of distributions paid during the years ended November 30, 
2004 and November 30, 2003 was as follows:

                                   NOVEMBER 30, NOVEMBER 30,
                                       2004         2003
                                    ----------   -----------
Distributions paid from:
   Tax-Exempt Income              $1,709,277     $1,843,382
   Ordinary Income                     7,356             --
   Long-Term Capital Gains                --             --

As of November 30, 2004, the components of distributable earnings on a tax basis
were as follows:

    UNDISTRIBUTED UNDISTRIBUTED UNDISTRIBUTED      NET
     TAX-EXEMPT     ORDINARY      LONG-TERM     UNREALIZED
       INCOME        INCOME     CAPITAL GAINS  APPRECIATION*
     ----------    ----------   -------------  ------------
       $2,564          $--       $191,850       $3,124,336

*    The differences between book-basis and tax-basis net unrealized
     appreciation are primarily due to discount accretion/premium amortization
     on debt securities.

Unrealized appreciation and depreciation at November 30, 2004, based on cost of
investments for federal income tax purposes, was:

   Unrealized appreciation                       $3,212,267
   Unrealized depreciation                          (87,931)
                                                 ----------
   Net unrealized appreciation                   $3,124,336
                                                 ==========

Capital loss carryforwards of $715,800 were utilized during the year ended
November 30, 2004 for the Fund. 

Under current tax rules, certain capital losses realized after October 31 may be
deferred and treated as occurring on the first day of the following fiscal year.
As of November 30, 2004, post-October capital losses of $130,512 attributed to
security transactions were deferred to December 1, 2004.




10


NOTES TO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2004



NOTE 4. FEES AND COMPENSATION PAID TO AFFILIATES

Columbia Management Advisors, Inc. ("Columbia") is the investment advisor to the
Fund. Prior to April 1, 2004, Columbia was an indirect, wholly owned subsidiary
of FleetBoston Financial Corporation ("FleetBoston"). Effective April 1, 2004,
FleetBoston, including the Fund's investment advisor, was acquired by Bank of
America Corporation ("BOA"). The acquisition did not change the way the Fund is
managed, the investment personnel assigned to manage the Fund or the fees paid
by the Fund.

INVESTMENT ADVISORY FEE

Columbia provides administrative and other services to the Fund in addition to
investment advisory services. Columbia receives a monthly investment advisory
fee at the annual rate of 0.65% of the Fund's average weekly net assets,
including assets applicable to the APS. Columbia contractually agreed to waive a
portion of its investment advisory fee through November 30, 2004, so that such
fees did not exceed an annual rate equal to 0.35%. Effective December 1, 2004,
Columbia has contractually agreed to waive a portion of its investment advisory
fee through November 30, 2005, so that such fees will not exceed an annual rate
equal to 0.40% of the Fund's average weekly net assets, including assets
applicable to the APS.

PRICING AND BOOKKEEPING FEES

Columbia is responsible for providing pricing and bookkeeping services to the
Fund under a pricing and bookkeeping agreement. Under a separate agreement (the
"Outsourcing Agreement"), Columbia has delegated those functions to State Street
Corporation ("State Street"). As a result, Columbia pays the total fees received
to State Street under the Outsourcing Agreement.

Under its pricing and bookkeeping agreement with the Fund, Columbia receives
from the Fund an annual flat fee of $10,000 paid monthly, and in any month that
the Fund's average weekly net assets, including assets applicable to APS, exceed
$50 million, an additional monthly fee. The additional fee rate is calculated by
taking into account the fees payable to State Street under the Outsourcing
Agreement. This rate is applied to the average weekly net assets, including
assets applicable to APS, of the Fund for that month. The Fund also pays
additional fees for pricing services based on the number of securities held by
the Fund. For the year ended November 30, 2004, the Fund's effective pricing and
bookkeeping fee rate, inclusive of out-of-pocket expenses, was 0.089% of the
Fund's average weekly net assets, including assets applicable to the APS.

FEE WAIVERS

Columbia has voluntarily agreed to reimburse the Fund for certain expenses so
that total expenses (exclusive of investment advisory fees, brokerage
commissions, interest, taxes and extraordinary expenses, if any) would not
exceed 0.20% annually of the Fund's average weekly net assets, including assets
applicable to APS. Columbia, at its discretion, may revise or discontinue this
arrangement any time.

CUSTODY CREDITS

The Fund has an agreement with its custodian bank under which custody fees may
be reduced by balance credits. These credits are recorded as a reduction of
total expenses on the Statement of Operations. The Fund could have invested a
portion of the assets utilized in connection with the expense offset arrangement
in an income producing asset if it had not entered into such an agreement.

FEES PAID TO OFFICERS AND TRUSTEES

With the exception of one officer, all officers of the Fund are employees of
Columbia or its affiliates and receive no compensation from the Fund. Effective
August 23, 2004, the Board of Trustees appointed a Chief Compliance Officer to
the Fund in accordance with federal securities regulations. The Fund, along with
other affiliated funds, will pay its pro-rata share of the expenses associated
with the Office of the Chief Compliance Officer. The Fund's fee will not exceed
$15,000 per year.

The Fund's Trustees may participate in a deferred compensation plan which may be
terminated at any time. Obligations of the plan will be paid solely out of the
Fund's assets. 

OTHER 

Columbia provides certain services to the Fund related to Sarbanes-Oxley 
compliance. For the year ended November 30, 2004, the Fund paid $1,325 to 
Columbia for such services. This amount is included in "Other expenses" on the 
Statement of Operations. 

NOTE 5. PORTFOLIO INFORMATION 

For the year ended November 30, 2004, the cost of purchases and proceeds from 
sales of securities, excluding short-term obligations, were $9,833,998 and 
$10,182,767, respectively.

11


NOTES TO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2004


NOTE 6. PREFERRED SHARES

The Fund currently has outstanding 564 APS. The APS are redeemable at the option
of the Fund on any dividend payment date at the redemption price of $25,000 per
share, plus an amount equal to any dividends accumulated on a daily basis unpaid
through the redemption date (whether or not such dividends have been declared).

Under the Act, the Fund is required to maintain asset coverage of at least 200%
with respect to the APS as of the last business day of each month in which any
APS are outstanding. Additionally, the Fund is required to meet more stringent
asset coverage requirements in accordance with the guidelines prescribed by the
APS' rating agencies. Should these requirements not be met, or should dividends
accrued on the APS not be paid, the Fund may be restricted in its ability to
declare dividends to common shareholders or may be required to redeem certain
APS. At November 30, 2004, there were no such restrictions on the Fund.

NOTE 7. DISCLOSURE OF SIGNIFICANT RISKS AND CONTINGENCIES

CONCENTRATION OF CREDIT RISK

The Fund holds investments that are insured by private insurers who guarantee
the payment of principal and interest in the event of default or that are
supported by a letter of credit. Each of the Fund's insurers is rated AAA by
Moody's Investors Service, Inc., except Radian Asset Assurance, Inc., which is
rated AA by Standard & Poor's. At November 30, 2004, investments supported by
private insurers that represent greater than 5% of the total investments of the
Fund were as follows:

                                             % OF TOTAL
INSURER                                      INVESTMENTS
--------------------------------------------------------
MBIA Insurance Corp.                              37.7
Ambac Assurance Corp.                             20.1
Financial Security Assurance, Inc.                16.0

GEOGRAPHIC CONCENTRATION

The Fund has greater than 5% of its total investments at November 30, 2004
invested in debt obligations issued by the State of New York and its respective
political subdivisions, agencies and public authorities. The Fund is more
susceptible to economic and political factors adversely affecting issuers of the
state's municipal securities than are municipal bond funds that are not
concentrated to the same extent in these issuers.

HIGH-YIELD SECURITIES 

Investing in high-yield securities may involve greater credit risk and
considerations not typically associated with investing in U.S. government bonds
and other higher quality fixed income securities. These securities are
non-investment grade securities, often referred to as "junk bonds." Economic
downturns and industry events may disrupt the high yield market and impair the
ability of issuers to repay principal and interest. Also, an increase in
interest rates would likely have an adverse impact on the value of such
obligations. Moreover, high-yield securities may be less liquid to the extent
there is no established secondary market.

INDUSTRY FOCUS 

The Fund may focus its investments in certain industries, subjecting it to
greater risk than a fund that is more diversified.

ISSUER FOCUS

As a non-diversified fund, the Fund may invest a greater percentage of its total
assets in the securities of fewer issuers than a diversified fund. The Fund may,
therefore, have a greater risk of loss from a few issuers than a similar fund
that invests more broadly.

LEGAL PROCEEDINGS

Columbia, Columbia Funds Distributor, Inc. ("CFDI"), and certain of their
affiliates (collectively, "the Columbia Group") have received information
requests and subpoenas from various regulatory and law enforcement authorities
in connection with their investigations of late trading and market timing in
mutual funds as well as other industry wide issues. The Columbia Group has not
uncovered any instances where Columbia or CFDI were knowingly involved in late
trading of mutual fund shares.

On February 24, 2004, the Securities and Exchange Commission ("SEC") filed a
civil complaint in the United States District Court for the District of
Massachusetts against Columbia and CFDI, alleging that they had violated certain
provisions of the federal securities laws in connection with trading activity in
mutual fund shares. Also on February 24, 2004, the New York Attorney General
("NYAG") filed a civil complaint in New York Supreme Court, County of New York
against Columbia and CFDI alleging that Columbia and CFDI had violated certain
New York anti-fraud statutes. If either Columbia or CFDI is unsuccessful in its
defense of these proceedings, it could be barred from serving as an investment
advisor or distributor for any investment company registered under the
Investment Company Act of 1940, as amended (a "registered investment company").
Such results could prevent Columbia, CFDI or any company that is an affiliated
person of Columbia and CFDI from serving as an investment advisor or distributor
for any registered investment company, including your fund. Your fund has been
informed by

12


NOTES TO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2004



Columbia and CFDI that, if these results occur, they will seek exemptive relief
from the SEC to permit them to continue to serve as your fund's investment
advisor and distributor. There is no assurance that such exemptive relief will
be granted. On March 15, 2004, Columbia and CFDI entered into agreements in
principle with the SEC Division of Enforcement and NYAG in settlement of the
charges. Under the agreements, Columbia and CFDI agreed, among other things, to
the following conditions: payment of $70 million in disgorgement; payment of $70
million in civil penalties; an order requiring Columbia and CFDI to cease and
desist from violations of the antifraud provisions and other provisions of the
federal securities laws; governance changes designed to maintain the
independence of the mutual fund boards of trustees and ensure compliance with
securities laws and their fiduciary duties; and retention of an independent
consultant to review Columbia's and CFDI's compliance policies and procedures.
The agreement requires the final approval of the SEC. In a separate agreement
with the NYAG, the Columbia Group and its affiliate Banc of America Capital
Management, LLC have agreed to collectively reduce mutual fund fees by $160
million over a five-year period.

In connection with the events described in detail above, various parties have
filed suit against certain funds, their Boards and/or FleetBoston (and
affiliated entities). More than 300 cases (including those filed against
entities unaffiliated with the funds, their Boards and/or FleetBoston and its
affiliated entities) have been consolidated in a multi-district proceeding and
transferred to the Federal District Court in Maryland. Recently, certain
Columbia funds and affiliated entities have been named as defendants in several
derivative actions under various sections of the Investment Company Act of 1940,
as amended, alleging, among other things, that the fees and expenses paid by
those funds are excessive. The funds and the other defendants to these actions,
including Columbia and various of its affiliates, certain other mutual funds
advised by Columbia and its affiliates, and various directors of such funds,
have denied these allegations and are contesting the plaintiffs' claims. These
suits and certain regulatory investigations are ongoing, however, based on
currently available information, Columbia believes that these lawsuits are
without merit, that the likelihood they will have a material adverse impact on
any fund is remote, and that the lawsuits are not likely to materially affect
its ability to provide investment management services to its clients, including
the funds.

13


FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period is as follows
(common shares unless otherwise noted):



                                                                                                                     
                                                                                                                       PERIOD
                                                                      YEAR ENDED NOVEMBER 30,                           ENDED
                                                  ----------------------------------------------------------------   NOVEMBER 30,
                                                        2004         2003         2002         2001         2000       1999 (a)
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
NET ASSET VALUE, BEGINNING OF PERIOD               $     15.89  $     15.64  $     15.78  $     14.93  $     14.24  $     14.33
                                                   -----------  -----------  -----------  -----------  -----------  -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income                                     1.06(b)      1.11(b)      1.16(b)(c)   1.18(b)      1.27(d)      0.02
Net realized and unrealized gain (loss) on investments,
   futures contracts and written options                 (0.22)        0.28         (0.07)(c)    0.75         0.86        (0.08)
                                                   -----------  -----------  -----------  -----------  -----------  -----------
   Total from Investment Operations                       0.84         1.39         1.09         1.93         2.13        (0.06)
LESS DISTRIBUTIONS DECLARED TO PREFERRED SHAREHOLDERS:
From net investment income                               (0.09)       (0.08)       (0.12)       (0.25)       (0.33)          --
                                                   -----------  -----------  -----------  -----------  -----------  -----------
   Total from Investment Operations Applicable
   Common Shareholders                                    0.75         1.31         0.97         1.68         1.80        (0.06)
LESS DISTRIBUTIONS DECLARED TO COMMON SHAREHOLDERS:
From net investment income                               (0.98)       (1.06)       (1.11)       (0.83)       (0.93)          --
                                                   -----------  -----------  -----------  -----------  -----------  -----------
LESS SHARE TRANSACTIONS:
Offering costs -- common shares                             --           --           --           --           --        (0.03)
Commission and offering costs -- preferred shares           --           --           --           --        (0.18)          --
                                                   -----------  -----------  -----------  -----------  -----------  -----------
   Total Share Transactions                                 --           --           --           --        (0.18)       (0.03)
                                                   -----------  -----------  -----------  -----------  -----------  -----------
NET ASSET VALUE, END OF PERIOD                     $     15.66  $     15.89  $     15.64  $     15.78  $     14.93  $     14.24
                                                   -----------  -----------  -----------  -----------  -----------  -----------
Market price per share -- common shares            $     14.27  $     15.65  $     15.86  $     14.60  $     14.63  $     15.06
                                                   -----------  -----------  -----------  -----------  -----------  -----------
Total return -- based on market value --
   common shares (e)                                     (2.69)%(f)    5.52%(f)    16.79%(f)     5.63%(f)     3.58%(f)     0.41%(g)
                                                   -----------  -----------  -----------  -----------  -----------  -----------
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Expenses (h)(i)                                           0.86%(j)     0.87%(j)     0.85%(j)     0.81%(j)     0.32%(j)     0.20%(k)
Net investment income before preferred
       stock dividends (h)(i)                             6.77%        7.03%        7.38%(c)     7.49%        8.86%        5.20%(k)
Net investment income after preferred stock
       dividends (h)(i)                                   6.22%        6.51%        6.62%(c)     5.91%        6.53%        5.20%(k)
Voluntary waiver/reimbursement (i)                        0.36%        0.42%        0.39%        0.57%        0.18%          --
Portfolio turnover rate                                     25%           5%          16%           4%          32%           0%(g)
Net assets, end of period (000's)-- common shares  $    25,263  $    25,663  $    25,175  $    25,363  $    23,996  $    22,873


(a)  The Fund commenced investment operations on November 19, 1999. Per share
     data and total return reflect activity from that date.

(b)  Per share data was calculated using average shares outstanding during the
     period.

(c)  Effective December 1, 2001, the Fund adopted the provisions of the AICPA
     Audit and Accounting Guide for Investment Companies and began accreting
     market discount on all debt securities. The effect of this change for the
     year ended November 30, 2002 was to increase the net investment income per
     share by $0.01, increase the net realized and unrealized loss per share by
     $0.01, increase the ratio of net investment income to average net assets
     from 7.30% to 7.38% and increase the ratio of net investment income
     (adjusted for dividend payments to preferred shareholders) from 6.54% to
     6.62%. Per share data and ratios for periods prior to November 30, 2002
     have not been restated to reflect this change in presentation.

(d)  The per share net investment income amount does not reflect the period's
     reclassifications of differences between book and tax basis net investment
     income.

(e)  Total return at market value assuming all distributions reinvested at
     prices calculated in accordance with the Dividend Reinvestment Plan.

(f)  Had the Investment Advisor not waived or reimbursed a portion of expenses,
     total return would have been reduced.

(g)  Not annualized.

(h)  The benefits derived from custody credits and directed brokerage
     arrangements, if applicable, had an impact of less than 0.01%, except for
     the year ended November 30, 2004 which had an impact of 0.01% and the year
     ended November 30, 2003 which had an impact of 0.02%.

(i)  Ratios reflect average net assets available to common shares only.

(j)  Ratios calculated using average net assets including auction preferred
     shares of the Fund, including the effect of custody credits, equals 0.55%,
     0.55%, 0.55%, 0.52% and 0.20% for the year ended November 30, 2004,
     November 30, 2003, November 30, 2002, November 30, 2001 and November 30,
     2000, respectively.

(k)  Annualized.





14


FINANCIAL HIGHLIGHTS (CONTINUED)




ASSET COVERAGE REQUIREMENTS
                                                                          INVOLUNTARY
                                                  ASSET                   LIQUIDATING                 AVERAGE
                  TOTAL AMOUNT                  COVERAGE                  PREFERENCE               MARKET VALUE
                   OUTSTANDING                 PER SHARE*                  PER SHARE                 PER SHARE
-------------------------------------------------------------------------------------------------------------------
                                                                                              
11/30/04          $14,100,000                    $69,793                    $25,004                    $25,000
11/30/03           14,100,000                     70,449                     25,002                     25,000
11/30/02           14,100,000                     69,636                     25,003                     25,000
11/30/01           14,100,000                     69,970                     25,003                     25,000
11/30/00 **        14,100,000                     67,545                     25,014                     25,000


*  Calculated by subtracting the Fund's total liabilities from the Fund's total
   assets and dividing the amount by the number of APS outstanding.

** On December 20, 1999, the Fund began offering Auction Preferred Shares.

15


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE TRUSTEES AND THE SHAREHOLDERS OF COLONIAL NEW YORK INSURED MUNICIPAL FUND

In our opinion, the accompanying statement of assets and liabilities, including
the investment portfolio, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Colonial New York Insured Municipal
Fund (the "Fund") at November 30, 2004, and the results of its operations, the
changes in its net assets and its financial highlights for the periods
indicated, in conformity with accounting principles generally accepted in the
United States of America. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility of the
Fund's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with the standards of the Public Company
Accounting Oversight Board (United States), which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
November 30, 2004 by correspondence with the custodian and brokers, provide a
reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
January 19, 2005





16


UNAUDITED INFORMATION

FEDERAL INCOME TAX INFORMATION

For the fiscal year ended November 30, 2004, the Fund designates long-term
capital gains of $191,850.

99.57% of the distributions from net investment income will be treated as exempt
income for federal income tax purposes.
--------------------------------------------------------------------------------
As of December 31, 2004, 0.00% of distributions from net investment income is
subject to the alternative minimum tax.

17


DIVIDEND REINVESTMENT PLAN

COLONIAL NEW YORK INSURED MUNICIPAL FUND

Pursuant to the Fund's Dividend Reinvestment Plan

(the "Plan"), all Common Shareholders whose shares are registered in their own
names will have all distributions reinvested automatically in additional Common
Shares of the Fund by EquiServe (the "Plan Agent"), as agent under the Plan,
unless a Common Shareholder elects to receive cash. An election to receive cash
may be revoked or reinstated at the option of the Common Shareholder.
Shareholders whose shares are held in the name of a broker or nominee will have
distributions reinvested automatically by the broker or nominee in additional
shares under the Plan, unless the service is not provided by the broker or
nominee, or unless the shareholder elects to receive distributions in cash. If
the service is not available, such distributions will be paid in cash.
Shareholders whose shares are held in the name of a broker or nominee should
contact the broker or nominee for details. All distributions to investors who
elect not to participate (or whose broker or nominee elects not to participate)
in the Plan will be paid by check mailed directly to the record holder by the
Plan Agent, as dividend paying agent.

The Plan Agent will furnish each person who buys shares in the offering with
written information relating to the Plan. Included in such information will be
procedures for electing to receive distributions in cash (or, in the case of
shares held in the name of a broker or nominee who does not participate in the
Plan, procedures for having such shares registered in the name of the
shareholder so that such shareholder may participate in the Plan).

If the Trustees of the Fund declare a dividend (including a capital gain
dividend) payable either in shares or in cash, as holders of shares may have
elected, then nonparticipants in the Plan will receive cash and participants in
the Plan will receive the equivalent in shares valued as set forth below.
Whenever a market price is equal to or exceeds net asset value at the time
shares are valued for the purpose of determining the number of shares equivalent
to the distribution, participants will be issued shares at the net asset value
most recently determined as provided under "Net Asset Value" in the Fund's
prospectus and its Statement of Additional Information, but in no event less
than 95% of the market price. If the net asset value of the shares at such time
exceeds the market price of shares at such time, or if the Fund should declare a
dividend (including a capital gain dividend) payable only in cash, the Plan
Agent will, as agent for the participants, use the cash that the shareholders
would have received as a dividend to buy shares in the open market, the American
Stock Exchange or elsewhere, for the participants' accounts. If, before the Plan
Agent has completed its purchases, the market price exceeds the net asset value
of the shares, the average per share purchase price paid by the Plan Agent may
exceed the net asset value of the shares, resulting in the acquisition of fewer
shares than if the dividend (including a capital gain dividend) had been paid in
shares issued by the Fund. The Plan Agent will apply all cash received as a
dividend (including a capital gain dividend) to purchase shares on the open
market as soon as practicable after the payment date of such dividend, but in no
event later than 30 days after such date, except where necessary to comply with
applicable provisions of the federal securities laws.

There is no charge to participants for reinvesting dividends (including capital
gain dividends). The Plan Agent's fees for handling the reinvestment of
dividends (including capital gain dividends) will be paid by the Fund. There
will be no brokerage charges with respect to shares issued directly by the Fund
as a result of dividends or capital gains distributions payable either in stock
or in cash. However, each participant will pay a pro rata share of brokerage
commissions incurred with respect to the Plan Agent's open market purchases in
connection with the reinvestment of dividends (including capital gain
dividends).

The automatic reinvestment of dividends (including capital gain dividends) will
not relieve participants of any income tax which may be payable on such
dividends. The amount of the dividend for tax purposes may vary depending on
whether the Fund issues new Common Shares or purchases them on the open market.

The Plan may be amended or terminated on 30 days' written notice to Plan
participants. All correspondence concerning the Plan should be directed to
EquiServe Trust Company N.A., by mail at P.O. Box 43010, Providence, RI
02940-3010, or by phone at 1-800-730-6001.

18


TRUSTEES AND OFFICERS

The Trustees/Directors serve terms of indefinite duration. The names, addresses
and ages of the Trustees/Directors and officers of the Funds in the Columbia
Funds Complex, the year each was first elected or appointed to office, their
principal business occupations during at least the last five years, the number
of portfolios overseen by each Trustee/Director and other directorships they
hold are shown below. Each officer listed below serves as an officer of each
Fund in the Columbia Funds Complex.




   NAME, ADDRESS AND AGE,
    POSITION WITH FUNDS,
   YEAR FIRST ELECTED OR                PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS, NUMBER OF PORTFOLIOS IN COLUMBIA FUNDS 
   APPOINTED TO OFFICE(1)                         COMPLEX OVERSEEN BY  TRUSTEE/DIRECTOR, OTHER DIRECTORSHIPS HELD
--------------------------------------------------------------------------------------------------------------------------------
DISINTERESTED TRUSTEES

                                
DOUGLAS A. HACKER (age 49)      Executive Vice President-Strategy of United Airlines (airline) since December 2002 (formerly 
P.O. Box 66100                  President of UAL Loyalty Services (airline) from September 2001 to December 2002; Executive Vice
Chicago, IL 60666               President and Chief Financial Officer of United Airlines from March 1999 to September 2001; Senior
Trustee (since 1996)            Vice President-Finance from March 1993 to July 1999). Oversees 118, None 

JANET LANGFORD KELLY (age 47)   Adjunct Professor of Law, Northwestern University, since September 2004; Private Investor since 
9534 W. Gull Lake Drive         March 2004 (formerly Chief Administrative Officer and Senior Vice President, Kmart Holding 
Richland, MI 49083-8530         Corporation (consumer goods), from September 2003 to March 2004; Executive Vice President-Corporate
Trustee (since 1996)            Development and Administration, General Counsel and Secretary, Kellogg Company (food manufacturer),
                                from September 1999 to August 2003; Senior Vice President, Secretary and General Counsel, Sara Lee
                                Corporation (branded, packaged, consumer-products manufacturer) from January 1995 to September 
                                1999). Oversees 118, None

RICHARD W. LOWRY (age 68)       Private Investor since August 1987 (formerly Chairman and Chief Executive Officer, U. S. Plywood 
10701 Charleston Drive          Corporation (building products manufacturer)). Oversees 120(3), None
Vero Beach, FL 32963
Trustee (since 1995)

CHARLES R. NELSON (age 62)      Professor of Economics, University of Washington, since January 1976; Ford and Louisa Van Voorhis 
Department of Economics         Professor of Political Economy, University of Washington, since September 1993 (formerly Director,
University of Washington        Institute for Economic Research, University of Washington from September 2001 to June 2003) Adjunct
Seattle, WA 98195               Professor of Statistics, University of Washington, since September 1980; Associate Editor, Journal 
Trustee (since 1981)            of Money Credit and Banking, since September 1993; consultant on econometric and statistical 
                                matters. Oversees 118, None

JOHN J. NEUHAUSER (age 61)      Academic Vice President and Dean of Faculties since August 1999, Boston College (formerly Dean, 
84 College Road                 Boston College School of Management from September 1977 to September 1999). Oversees 121(3), (4),
Chestnut Hill, MA 02467-3838    Saucony, Inc. (athletic footwear)
Trustee (since 1985)

PATRICK J. SIMPSON (age 60)     Partner, Perkins Coie LLP (law firm). Oversees 118, None
1120 N.W. Couch Street
Tenth Floor
Portland, OR 97209-4128
Trustee (since 2000)






19


TRUSTEES AND OFFICERS (CONTINUED)




   NAME, ADDRESS AND AGE,
    POSITION WITH FUNDS,
   YEAR FIRST ELECTED OR                PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS, NUMBER OF PORTFOLIOS IN COLUMBIA FUNDS 
   APPOINTED TO OFFICE(1)                         COMPLEX OVERSEEN BY  TRUSTEE/DIRECTOR, OTHER DIRECTORSHIPS HELD
--------------------------------------------------------------------------------------------------------------------------------
                                
DISINTERESTED TRUSTEES (continued)

THOMAS E. STITZEL (age 68)      Business Consultant since 1999 (formerly Professor of Finance from 1975 to 1999, College of 
2208 Tawny Woods Place          Business, Boise State University); Chartered Financial Analyst. Oversees 118, None.
Boise, ID 83706
Trustee (since 1998)

THOMAS C. THEOBALD (age 67)     Partner and Senior Advisor, Chicago Growth Partners (private equity investing) since September 2004
303 W. Madison                  (formerly Managing Director, William Blair Capital Partners (private equity investing) from
Suite 2500                      September 1994 to September 2004). Oversees 118, Anixter International (network support equipment 
Chicago, IL 60606               distributor); Ventas, Inc. (real estate investment trust); Jones Lang LaSalle (real estate 
Trustee and Chairman            management services) and Ambac Financial Group (financial guaranty insurance) 
of the Board(5)
(since 1996)

ANNE-LEE VERVILLE (age 59)      Retired since 1997 (formerly General Manager, Global Education Industry, IBM Corporation (computer 
359 Stickney Hill Road          and technology) from 1994 to 1997). Oversees 119(4), Chairman of the Board of Directors, Enesco 
Hopkinton, NH 03229             Group, Inc. (designer, importer and distributor of giftware and collectibles) 
Trustee (since 1998)

RICHARD L. WOOLWORTH (age 63)   Retired since December 2003 (formerly Chairman and Chief Executive Officer, The Regence Group 
100 S.W. Market Street #1500    (regional health insurer); Chairman and Chief Executive Officer, BlueCross BlueShield of Oregon; 
Portland, OR 97207              Certified Public Accountant, Arthur Young & Company). Oversees 118, Northwest Natural Gas Co. 
Trustee (since 1991)            (natural gas service provider)


INTERESTED TRUSTEE

WILLIAM E. MAYER(2) (age 64)    Partner, Park Avenue Equity Partners (private equity) since February 1999 (formerly Partner, 
399 Park Avenue                 Development Capital LLC from November 1996 to February 1999). Oversees 120(3), Lee Enterprises 
Suite 3204                      (print media), WR Hambrecht + Co. (financial service provider); First Health (healthcare); Reader's
New York, NY 10022              Digest (publishing); OPENFIELD Solutions (retail industry technology provider) 
Trustee (since 1994)


(1)  In December 2000, the boards of each of the former Liberty Funds and former
     Stein Roe Funds were combined into one board of trustees responsible for
     the oversight of both fund groups (collectively, the "Liberty Board"). In
     October 2003, the trustees on the Liberty Board were elected to the boards
     of the Columbia Funds (the "Columbia Board") and of the CMG Fund Trust (the
     "CMG Funds Board"); simultaneous with that election, Patrick J. Simpson and
     Richard L. Woolworth, who had been directors on the Columbia Board and
     trustees on the CMG Funds Board, were appointed to serve as trustees of the
     Liberty Board. The date shown is the earliest date on which a
     trustee/director was elected or appointed to the board of a Fund in the
     Columbia Funds Complex.

(2)  Mr. Mayer is an "interested person" (as defined in the Investment Company
     Act of 1940 (1940 Act)) by reason of his affiliation with WR Hambrecht +
     Co.

(3)  Messrs. Lowry, Neuhauser and Mayer also serve as directors/trustees of the
     Liberty All-Star Funds, currently consisting of 2 funds, which are advised
     by an affiliate of the Advisor.

(4)  Mr. Neuhauser and Ms. Verville also serve as disinterested directors of
     Columbia Management Multi-Strategy Hedge Fund, LLC, which is advised by the
     Advisor.

(5)  Mr. Theobald was appointed as Chairman of the Board effective December 10,
     2003.



20


TRUSTEES AND OFFICERS (CONTINUED)




   NAME, ADDRESS AND AGE,
POSITION WITH COLUMBIA FUNDS,
   YEAR FIRST ELECTED OR
     APPOINTED TO OFFICE                                   PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
-------------------------------------------------------------------------------------------------------------------
OFFICERS

                               
CHRISTOPHER L. WILSON (age 47)  Head of Mutual Funds for the Advisor since August 2004; President of the Columbia Funds since 
One Financial Center            October 2004 (formerly President and Chief Executive Officer, CDC IXIS Asset Management Services, 
Boston, MA 02111                Inc. from September 1998 to August 2004). 
President (since 2004)

J. KEVIN CONNAUGHTON (age 40)   Treasurer of the Columbia Funds and of the Liberty All-Star Funds since December 2000; Vice 
One Financial Center            President of the Advisor since April 2003 (formerly President of the Columbia Funds from February 
Boston, MA 02111                2004 to October 2004; Chief Accounting Officer and Controller of the Liberty Funds and of the 
Treasurer (since 2000)          Liberty All-Star Funds from February 1998 to October 2000); Treasurer of the Galaxy Funds since 
                                September 2002; (formerly Treasurer from December 2002 to December 2004 and President from February
                                2004 to December 2004 of the Columbia Management Multi-Strategy Hedge Fund, LLC; Vice President of 
                                Colonial Management Associates, Inc. from February 1998 to October 2000).

MARY JOAN HOENE (age 54)        Senior Vice President and Chief Compliance Officer of the Columbia Funds and of the Liberty All-Star
40 West 57th Street             Funds since August 2004 (formerly Partner, Carter, Ledyard & Milburn LLP from January 2001 to August
New York, NY 10019              2004; Counsel, Carter, Ledyard & Milburn LLP from November 1999 to December 2000; Vice President and
Chief Compliance Officer        Counsel, Equitable Life Assurance Society of the United States Senior Vice President and from April
(since 2004)                    1998 to November 1999). 

MICHAEL G. CLARKE (age 34)      Chief Accounting Officer of the Columbia Funds and of the Liberty All-Star Funds since October 2004
One Financial Center            (formerly Controller of the Columbia Funds and of the Liberty All-Star Funds from May 2004 to 
Boston, MA 02111                October 2004; Assistant Treasurer from June, 2002 to May 2004; Vice President, Product Strategy & 
Chief Accounting Officer        Development of the Liberty Funds Group from February 2001 to June 2002; Assistant Treasurer of the 
(since 2004)                    Liberty Funds and of the Liberty All-Star Funds from August 1999 to February 2001; Audit Manager, 
                                Deloitte & Touche LLP from May 1997 to August 1999).

JEFFREY R. COLEMAN (age 35)     Controller of the Columbia Funds and of the Liberty All-Star Funds since October 2004 (formerly Vice
One Financial Center            President of CDC IXIS Asset Management Services, Inc. and Deputy Treasurer of the CDC Nvest Funds 
Boston, MA 02111                and Loomis Sayles Funds from February 2003 to September 2004; Assistant Vice President of CDC IXIS 
Controller (since 2004)         Asset Management Services, Inc. and Assistant Treasurer of the CDC Nvest Funds from August 2000 to 
                                February 2003; Tax Manager of PFPC Inc. from November 1996 to August 2000).

R. SCOTT HENDERSON (age 45)     Secretary of the Columbia Funds since December 2004 (formerly Of Counsel, Bingham McCutchen from 
One Financial Center            April 2001 to September 2004; Executive Director and General Counsel, Massachusetts Pension Reserves
Boston, MA 02111                Investment Management Board from September 1997 to March 2001). 
Secretary (since 2004)


21


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TRANSFER AGENT



IMPORTANT INFORMATION ABOUT THIS REPORT

The Transfer Agent for Colonial New York Insured Municipal Fund is:

EquiServe Trust Company, N.A.
P.O. Box 43010
Providence, RI  02940-3010

The fund mails one shareholder report to each shareholder address. Shareholders
can order additional reports by calling 800-730-6001. In addition,
representatives at that number can provide shareholders information about the
fund.

Financial advisors who want additional information about the fund may speak to a
representative at 800-426-3750. 

A description of the fund's proxy voting policies and procedures is available
(i) at www.columbiamanagement.com; (ii) on the Securities and Exchange
Commission's website at www.sec.gov, and (iii) without charge, upon request, by
calling 800-730-6001. Information regarding how the fund voted proxies relating
to portfolio securities during the 12-month period ended June 30, 2004 is
available from the SEC's website. Information regarding how the fund voted
proxies relating to portfolio securities is also available at
www.columbiamanagement.com.

The fund files a complete schedule of portfolio holdings with the SEC for the
first and third quarters of each fiscal year on Form N-Q. The fund's Form N-Q is
available on the SEC's website at www.sec.gov and may be reviewed and copied at
the SEC's Public Reference Room in Washington, DC. Information on the operation
of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

This report has been prepared for shareholders of Colonial New York Insured
Municipal Fund.



COLONIAL NEW YORK INSURED MUNICIPAL FUND      ANNUAL REPORT



                                                 IY-02/750T-1104 (01/05) 05/3937




ITEM 2. CODE OF ETHICS.

     (a)  The registrant has, as of the end of the period covered by this
          report, adopted a code of ethics that applies to the registrant's
          principal executive officer, principal financial officer, principal
          accounting officer or controller, or persons performing similar
          functions, regardless of whether these individuals are employed by the
          registrant or a third party.

     (b)  During the period covered by this report, there were not any
          amendments to a provision of the code of ethics adopted in 2(a) above.

     (c)  During the period covered by this report, there were not any waivers
          or implicit waivers to a provision of the code of ethics adopted in
          2(a) above.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Trustees has determined that Douglas A. Hacker, Thomas
E. Stitzel, Anne-Lee Verville and Richard L. Woolworth, each of whom are members
of the registrant's Board of Trustees and Audit Committee, each qualify as an
audit committee financial expert. Mr. Hacker, Mr. Stitzel, Ms. Verville and Mr.
Woolworth are each independent trustees, as defined in paragraph (a)(2) of this
Item's instructions and collectively constitute the entire Audit Committee.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Aggregate Audit Fees billed by the principal accountant for professional
services rendered during the fiscal years ended November 30, 2004 and November
30, 2003 are approximately as follows:

                                            2004              2003
                                            $22,060           $23,610

Audit Fees include amounts related to the audit of the registrant's annual
financial statements or services that are normally provided by the accountant in
connection with statutory and regulatory filings or engagements for those fiscal
years.



(b) Aggregate Audit-Related Fees billed by the principal accountant for
professional services rendered during the fiscal years ended November 30, 2004
and November 30, 2003 are approximately as follows:

                                            2004              2003
                                            $7,100            $7,400

Audit-Related Fees include amounts for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported in Audit Fees
above. In both fiscal years 2004 and 2003, Audit-Related Fees include certain
agreed-upon procedures performed for semi-annual shareholder reports.

(c) Aggregate Tax Fees billed by the principal accountant for professional
services rendered during the fiscal years ended November 30, 2004 and November
30, 2003 are approximately as follows:

                                            2004              2003
                                            $5,010            $3,371

Tax Fees in both fiscal years 2004 and 2003 consist primarily of the review of
annual tax returns and include amounts for professional services by the
principal accountant for tax compliance, tax advice and tax planning.

(d) Aggregate All Other Fees billed by the principal accountant for professional
services rendered during the fiscal years ended November 30, 2004 and November
30, 2003 are as follows:

                                            2004              2003
                                            $0                $0

All Other Fees include amounts for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) above.

None of the amounts described in paragraphs (a) through (d) above were approved
pursuant to the "de minimis" exception under paragraph (c)(7)(i)(C) of Rule 2-01
of Regulation S-X.

(e)(1) AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES

I. GENERAL OVERVIEW

The Audit Committee of the registrant has adopted a formal policy (the "Policy")
which sets forth the procedures and the conditions pursuant to which the Audit
Committee will pre-approve (i) all audit and non-audit (including audit related,
tax and all other) services provided by the registrant's independent auditor to
the registrant and individual funds



(collectively "Fund Services"), and (ii) all non-audit services provided by the
registrant's independent auditor to the funds' adviser or a control affiliate of
the adviser, that relate directly to the funds' operations and financial
reporting (collectively "Fund-related Adviser Services"). A "control affiliate"
is an entity controlling, controlled by, or under common control with the
adviser that provides ongoing services to the funds, and the term "adviser" is
deemed to exclude any unaffiliated sub-adviser whose role is primarily portfolio
management and is sub-contracted or overseen by another investment adviser. The
adviser and control affiliates are collectively referred to as "Adviser
Entities."

The Audit Committee uses a combination of specific (on a case-by-case basis as
potential services are contemplated) and general (pre-determined list of
permitted services) pre-approvals. Unless a type of service has received general
pre-approval, it will require specific pre-approval by the Audit Committee if it
is to be provided by the independent auditor.

The Policy does not delegate the Audit Committee's responsibilities to
pre-approve services performed by the independent auditor to management.

II. GENERAL PROCEDURES

On an annual basis, the Fund Treasurer and/or Director of Trustee Administration
shall submit to the Audit Committee a schedule of the types of Fund Services and
Fund-related Adviser Services that are subject to general pre-approval.

These schedules will provide a description of each type of service that is
subject to general pre-approval and, where possible, will provide estimated fees
for each instance of providing each service. This general pre-approval and
related fees (where provided) will generally cover a one-year period (for
example, from June 1 through May 31 of the following year). The Audit
Committee will review and approve the types of services and review the projected
fees for the next one-year period and may add to, or subtract from, the list of
general pre-approved services from time to time, based on subsequent
determinations. This approval acknowledges that the Audit Committee is in
agreement with the specific types of services that the independent auditor will
be permitted to perform. The fee amounts will be updated to the extent necessary
at other regularly scheduled meetings of the Audit Committee.

In addition to the fees for each individual service, the Audit Committee has the
authority to implement a fee cap on the aggregate amount of non-audit services
provided to an individual fund.

If, subsequent to general pre-approval, a fund, its investment adviser or a
control affiliate determines that it would like to engage the independent
auditor to perform a service that requires pre-approval and that is not included
in the general pre-approval list, the specific pre-approval procedure shall be
as follows:



     o    A brief written request shall be prepared by management detailing the
          proposed engagement with explanation as to why the work is proposed to
          be performed by the independent auditor;

     o    The request should be addressed to the Audit Committee with copies to
          the Fund Treasurer and/or Director of Trustee Administration;

     o    The Fund Treasurer and/or Director of Trustee Administration will
          arrange for a discussion of the service to be included on the agenda
          for the next regularly scheduled Audit Committee meeting, when the
          Committee will discuss the proposed engagement and approve or deny the
          request.

     o    If the timing of the project is critical and the project needs to
          commence before the next regularly scheduled meeting, the Chairperson
          of the Audit Committee may approve or deny the request on behalf of
          the Audit Committee, or, in the Chairperson's discretion, determine to
          call a special meeting of the Audit Committee for the purpose of
          considering the proposal. Should the Chairperson of the Audit
          Committee be unavailable, any other member of the Audit Committee may
          serve as an alternate for the purpose of approving or denying the
          request. Discussion with the Chairperson (or alternate, if necessary)
          will be arranged by the Fund Treasurer and/or Director of Trustee
          Administration. The independent auditor will not commence any such
          project unless and until specific approval has been given.

III. CERTAIN OTHER SERVICES PROVIDED TO ADVISER ENTITIES

The Audit Committee recognizes that there are cases where services proposed to
be provided by the independent auditor to the adviser or control affiliates are
not Fund-related Adviser Services within the meaning of the Policy, but
nonetheless may be relevant to the Audit Committee's ongoing evaluation of the
auditor's independence and objectivity with respect to its audit services to the
funds. As a result, in all cases where an Adviser Entity engages the independent
auditor to provide audit or non-audit services that are not Fund Services or
Fund-related Adviser Services, were not subject to pre-approval by the Audit
Committee, and the projected fees for any such engagement (or the aggregate of
all such engagements during the period covered by the Policy) exceeds a
pre-determined threshold established by the Audit Committee; the independent
auditor, Fund Treasurer and/or Director of Trustee Administration will notify
the Audit Committee not later than its next meeting. Such notification shall
include a general description of the services provided, the entity that is to be
the recipient of such services, the timing of the engagement, the entity's
reasons for selecting the independent auditor, and the projected fees. Such
information will allow the Audit Committee to consider whether non-audit
services provided to the adviser and Adviser Entities, which were not subject to
Audit Committee pre-approval, are compatible with maintaining the auditor's
independence with respect to the Funds.

IV.  REPORTING TO THE AUDIT COMMITTEE



The Fund Treasurer or Director of Trustee Administration shall report to the
Audit Committee at each of its regular meetings regarding all Fund Services or
Fund-related Adviser Services initiated since the last such report was rendered,
including:

     o    A general description of the services, and

     o    Actual billed and projected fees, and

     o    The means by which such Fund Services or Fund-related Adviser Services
          were pre-approved by the Audit Committee.

In addition, the independent auditor shall report to the Audit Committee
annually, and no more than 90 days prior to the filing of audit reports with the
SEC, all non-audit services provided to entities in the funds' "investment
company complex," as defined by SEC rules, that did not require pre-approval
under the Policy.

V.   AMENDMENTS; ANNUAL APPROVAL BY AUDIT COMMITTEE

The Policy may be amended from time to time by the Audit Committee. Prompt
notice of any amendments will be provided to the independent auditor, Fund
Treasurer and Director of Trustee Administration. The Policy shall be reviewed
and approved at least annually by the Audit Committee.

                                      *****

(e)(2) The percentage of services described in paragraphs (b) through (d) of
this Item approved pursuant to the "de minimis" exception under paragraph
(c)(7)(i)(C) of Rule 2-01 of Regulation S-X during both fiscal years ended
November 30, 2004 and November 30, 2003 was zero.

(f) Not applicable.

(g) All non-audit fees billed by the registrant's accountant for services
rendered to the registrant for the fiscal years ended November 30, 2004 and
November 30, 2003 are disclosed in (b) through (d) of this Item.

During the fiscal years ended November 30, 2004 and November 30, 2003, there
were no Audit-Related Fees, Tax Fees or All Other Fees that were approved for
services to the investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser) and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant under
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

The percentage of Audit-Related Fees, Tax Fees and All Other Fees required to be
approved under paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X that were
approved under the "de minimis" exception during both fiscal years ended
November 30, 2004 and November 30, 2003 was zero.



(h) The registrant's Audit Committee of the Board of Directors has considered
whether the provision of non-audit services that were rendered to the
registrant's adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the investment adviser that provides ongoing services to the registrant
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X, is compatible with maintaining the principal accountant's
independence. The Audit Committee determined that the provision of such services
is compatible with maintaining the principal accountant's independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant has a separately-designated standing audit committee established
in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C.
78c(a)(58)(A)). Douglas A. Hacker, Thomas E. Stitzel, Anne-Lee Verville and
Richard L. Woolworth are each independent trustees and collectively constitute
the entire Audit Committee.

ITEM 6. SCHEDULE OF INVESTMENTS

The registrant's "Schedule I - Investments in securities of unaffiliated
issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form
N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

The Fund has delegated to Columbia Management Advisors, Inc. (the "Advisor") the
responsibility to vote proxies relating to portfolio securities held by the
Fund. In deciding to delegate this responsibility to the Advisor, the Board of
Trustees of the Trust reviewed and approved the policies and procedures adopted
by the Advisor. These included the procedures that the Advisor follows when a
vote presents a conflict between the interests of the Fund and its shareholders
and the Advisor, its affiliates, its other clients or other persons.

The Advisor's policy is to vote all proxies for Fund securities in a manner
considered by the Advisor to be in the best interest of the Fund and its
shareholders without regard to any benefit to the Advisor, its affiliates, its
other clients or other persons. The Advisor examines each proposal and votes
against the proposal, if, in its judgment, approval or adoption of the proposal
would be expected to impact adversely the current or potential market value of
the issuer's securities. The Advisor also examines each proposal and votes the
proxies against the proposal, if, in its judgment, the proposal would be
expected to affect adversely the best interest of the Fund. The Advisor
determines the best interest of the Fund in light of the potential economic
return on the Fund's investment.

The Advisor addresses potential material conflicts of interest by having
predetermined voting guidelines. For those proposals that require special
consideration or in instances where special circumstances may require varying
from the predetermined guideline, the Advisor's Proxy Committee determines the
vote in the best interest of the Fund, without consideration of any



benefit to the Advisor, its affiliates, its other clients or other persons. The
Advisor's Proxy Committee is composed of representatives of the Advisor's equity
investments, equity research, compliance, legal and fund administration
functions. In addition to the responsibilities described above, the Proxy
Committee has the responsibility to review, on a semi-annual basis, the
Advisor's proxy voting policies to ensure consistency with internal policies and
regulatory agency policies and to develop additional voting guidelines to assist
in the review of proxy proposals.

The Proxy Committee may vary from the predetermined guideline if it determines
that voting on the proposal according to the predetermined guideline would be
expected to impact adversely the current or potential market value of the
issuer's securities or to affect adversely the best interest of the client.
References to the best interest of a client refer to the interest of the client
in terms of the potential economic return on the client's investment. In
determining the vote on any proposal, the Proxy Committee does not consider any
benefit other than benefits to the owner of the securities to be voted. A member
of the Proxy Committee is prohibited from voting on any proposal for which he or
she has a conflict of interest by reason of a direct relationship with the
issuer or other party affected by a given proposal. Persons making
recommendations to the Proxy Committee or its members are required to disclose
to the Committee any relationship with a party making a proposal or other matter
known to the person that would create a potential conflict of interest.

The Advisor has retained Institutional Shareholder Services ("ISS"), a third
party vendor, to implement its proxy voting process. ISS provides proxy
analysis, record keeping services and vote disclosure services.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not yet applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.



                                               Registrant Purchases of Equity Securities*

                                           (a)                   (b)                        (c)                        (d)
                                                                                      Total Number of           Maximum Number of
                                                                                    Shares Purchased as        Shares that May Yet
              Period                  Total Number          Average Price           Part of Publically         Be Purchased Under
                                        of Shares           Paid Per Share            Announced Plans         the Plans or Programs
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                              
06/01/04 through 06/30/04                  586                  $13.83                       586                       N/A
                                                                                                                   
07/01/04 through 07/31/04                  543                  $14.20                       543                       N/A
                                                                                                                   
08/01/04 through 08/31/04                  527                  $14.55                       527                       N/A
                                                                                                                   
09/01/04 through 09/30/04                  519                  $14.85                       519                       N/A
                                                                                                                   
10/01/04 through 10/31/04                  508                  $15.07                       508                       N/A
                                                                                                                   
11/01/04 through 11/30/04                  489                  $14.72                       489                       N/A
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                   
Total                                    3,172                  $14.52                     3,172                       N/A
------------------------------------------------------------------------------------------------------------------------------------


*    Includes shares purchased by the Dividend Reinvestment Agent pursuant to
     the Registrant's Dividend Reinvestment Plan.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have not been any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, since those
procedures were last disclosed in response to the requirements of Item
7(d)(2)(ii)(G) of Schedule 14A or this Item.

ITEM 11. CONTROLS AND PROCEDURES.

     (a)  The registrant's principal executive officer and principal financial
          officers, based on their evaluation of the registrant's disclosure
          controls and procedures as of a



          date within 90 days of the filing of this report, have concluded that
          such controls and procedures are adequately designed to ensure that
          information required to be disclosed by the registrant in Form N-CSR
          is accumulated and communicated to the registrant's management,
          including the principal executive officer and principal financial
          officer, or persons performing similar functions, as appropriate to
          allow timely decisions regarding required disclosure.

     (b)  There were no changes in the registrant's internal control over
          financial reporting that occurred during the registrant's second
          fiscal quarter of the period covered by this report that has
          materially affected, or is reasonably likely to materially affect, the
          registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR
attached hereto as Exhibit 99.CODE ETH.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act
of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of
1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.





                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)                        Colonial New York Insured Municipal Fund    
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By (Signature and Title)            /S/ Christopher L. Wilson                   
                        --------------------------------------------------------
                                    Christopher L. Wilson, President


Date                                January 26, 2005                            
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title)            /S/ Christopher L. Wilson                   
                        --------------------------------------------------------
                                    Christopher L. Wilson, President


Date                                January 26, 2005                            
    ----------------------------------------------------------------------------


By (Signature and Title)            /S/ J. Kevin Connaughton                    
                        --------------------------------------------------------
                                    J. Kevin Connaughton, Treasurer


Date                                January 26, 2005                            
    ----------------------------------------------------------------------------