<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>fund.txt
<TEXT>
Colonial Investment Grade Municipal Trust

On November 7, 2002,  Colonial Investment Grade Municipal Trust (Fund) purchased
125,000 par value of California State Department of Water Resources Power Supply
5/1/2014 5.50% (Securities) for a total purchase price of $137,913 from EJ DE LA
ROSA  pursuant to a public  offering in which  Quick & Reilly,  Inc.  acted as a
participating  underwriter.  Quick & Reilly,  Inc.  may be  considered  to be an
affiliate of the Fund.

The following information was collected pursuant to Rule 10f-3 procedures
adopted by the Fund's Trustees:

o        The Fund's advisor, Colonial Management Associates, Inc., believed
         that the gross underwriting spread associated with the purchase of the
         Securities was reasonable and fair compared to the spreads in
         connection with similar underwritings of similar securities being sold
         during a comparable period of time;

o        The Securities were offered pursuant to an underwriting or similar
         agreement under which the underwriters were committed to purchase all
         of the Securities being offered;

o        The issuer of the Securities has been in continuous operation for at
         least three years;

o        The amount of Securities purchased did not exceed 25% of the amount
         of the offering;

o        The Securities were to be purchased at not more than the public
         offering price no later than the first day of the offering.


Along  with  Quick & Reilly,  Inc.,  the  following  is a list of members of the
underwriting  syndicate for the aforementioned  Securities:  Morgan Stanley; UBS
PaineWebber Inc.; Banc of America  Securities LLC; BNY Capital Markets,  Inc. (a
subsidiary of The Bank of New York Co.);  CIBC World  Markets;  EBONDTRADE  LLC;
Fidelity  Capital  Markets;  First  Albany  Corporation;  Goldman,  Sachs & Co.;
Jackson Securities,  LLC; Loop Capital Markets; Merrill Lynch & Co.; M.R. Beal &
Company;  Pacific American Securities,  LLC; Prager McCarthy & Sealy; Prudential
Securities,  Inc.;  Ramirez  &  Co.,  Inc.:  RBC  Dain  Rauscher  Inc.;  Redwood
Securities  Group,  Inc.;  Siebert Brandford Shank & Co.; Stone & Youngberg LLC;
Sutter  Securities  Incorporated;  The  Chapman  Company;  U.S.  BancCorp  Piper
Jaffray; Wells Fargo Bank, N.A.


On November 7, 2002,  Colonial Investment Grade Municipal Trust (Fund) purchased
875,000 par value of California State Department of Water Resources Power Supply
5/1/2014 5.50%  (Securities)  for a total purchase price of $965,388 from Lehman
Brothers pursuant to a public offering in which Quick & Reilly,  Inc. acted as a
participating  underwriter.  Quick & Reilly,  Inc.  may be  considered  to be an
affiliate of the Fund.

The following information was collected pursuant to Rule 10f-3 procedures
adopted by the Fund's Trustees:

o        The Fund's advisor, Colonial Management Associates, Inc., believed
         that the gross underwriting spread associated with the purchase of the
         Securities was reasonable and fair compared to the spreads in
         connection with similar underwritings of similar securities being sold
         during a comparable period of time;

o        The Securities were offered pursuant to an underwriting or similar
         agreement under which the underwriters were committed to purchase all
         of the Securities being offered;

o        The issuer of the Securities has been in continuous operation for at
         least three years;

o        The amount of Securities purchased did not exceed 25% of the amount
         of the offering;

o        The Securities were to be purchased at not more than the public
         offering price no later than the first day of the offering.


Along  with  Quick & Reilly,  Inc.,  the  following  is a list of members of the
underwriting  syndicate for the aforementioned  Securities:  Morgan Stanley; UBS
PaineWebber Inc.; Banc of America  Securities LLC; BNY Capital Markets,  Inc. (a
subsidiary of The Bank of New York Co.);  CIBC World  Markets;  EBONDTRADE  LLC;
Fidelity  Capital  Markets;  First  Albany  Corporation;  Goldman,  Sachs & Co.;
Jackson Securities,  LLC; Loop Capital Markets; Merrill Lynch & Co.; M.R. Beal &
Company;  Pacific American Securities,  LLC; Prager McCarthy & Sealy; Prudential
Securities,  Inc.;  Ramirez  &  Co.,  Inc.:  RBC  Dain  Rauscher  Inc.;  Redwood
Securities  Group,  Inc.;  Siebert Brandford Shank & Co.; Stone & Youngberg LLC;
Sutter  Securities  Incorporated;  The  Chapman  Company;  U.S.  BancCorp  Piper
Jaffray; Wells Fargo Bank, N.A.


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</DOCUMENT>
