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77E  Legal Proceedings

Various civil individual, class and derivative actions have been filed in regard
to these market timing allegations.  As of August, 2004, we have received the
following complaints, all of which ICI Mutual has received notice:

(1)      George Slaybe et al, Plaintiffs, v. Columbia Management Advisors, Inc.,
         Defendant
         United States District Court
         District of Massachusetts
         Case # 04 10534 PBS
         Complaint Allegation:  Market Timing

(2)      David Armetta derivatively on behalf of the Columbia Common Stock Fund,
         Plaintiff, v. FleetBoston Financial Corporation, Columbia Management
         Group, Inc., Columbia Management Advisors, Inc., Columbia Funds
         Distributor, Inc., Douglas A. Hacker, Janet Langford Kelly, Richard W.
         Lowry, Charles R. Nelson, John J. Neuhauser, Patrick J. Simpson,
         Thomas E. Stitzel, Thomas C. Theobald, Anne-Lee Verville, Richard L.
         Woolworth, William E. Mayer, Joseph R. Palombo and John Does 1-100,
         Defendants, and Columbia Commo Stock Fund, nominal defendant

         United States District Court
         District of Massachusetts
         Case # 04 10555 MLW
         Complaint Allegation: Market Timing

(3)      Edward I. Segel and Iris Segel derivatively on behalf of Columbia Acorn
         Fund, Columbia Acorn Trust and the Columbia Funds, Plaintiffs, v.
         FleetBoston Financial Corporation, Fleet National Bank, Columbia
         Management Group, Inc., Columbia Funds Services, Inc., Columbia Wanger
         Asset Management, Columbia Management Advisors, Inc., Columbia Funds
         Distributor, Inc., John Does 1-4, Margaret Eisen, Leo Guthart, Jerome
         Kahn, Jr., Steven N. Kaplan, David C. Kleinman, Allan B. Muchin,
         John A. Wing, Charles P. McQuaid, Ralph Wanger, Ilytat, L.P., Ritchie
         Capital Management, Inc., Edward J. Stern, Canary Capital Partners LLC,
         Canary Capital Partners, LTD., Canary Investment Management, LLC,
         Daniel Calugar, Sal Giacalone, D.R. Loeser, Signalert Corporation,
         Alan Waldbaum, and Tandem Financial Services, Defendants, and Columbia
         Acorn Fund, Columbia Acorn Trust, and the Columbia Funds

         United States District Court
         District of Massachusetts
         Case # 04-10567MEL
         Complaint Allegation: Market Timing

(4)      Catherine Dukes, Individually and On Behalf of All Others Similarly
         Situated v. Columbia Funds, FleetBoston Financial Corporation, Columbia
         Management Group, Inc., Columbia Management Advisors, Inc., Columbia
         Wanger Asset Management, L.P., Columbia Funds Distributor, Inc., and
         John Does 1-100

         United States District Court
         District of Massachusetts
         Case # 04-10315-PBS
         Complaint Allegation: Market Timing

(5)      AB Medical Equipment Corp., Individually and On Behalf of All Others
         Similarly Situated, Plaintiff, v. FleetBoston Financial Corporation,
         Columbia Management Group, Inc., Columbia Management Advisors, Inc.,
         Columbia Wanger Asset Management L.P., Columbia Funds Distributor, Inc.
         and Columbia Funds

         United States District Court
         District of Massachusetts
         Case # 04-10355PBS

(6)      Karen M. McKenna, Individually and on Behalf of All Others Similarly
         Situated, Plaintiff, v. Columbia Funds, Columbia Acorn Trust,
         FleetBoston Financial Corporation, Columbia Management Group, Inc.,
         Columbia Management Advisors, Inc., Columbia Wanger Asset Management,
         L.P., Columbia Funds Distributor, Inc. and John Does 1-100, Defendants

         United States District Court
         Southern District of New York
         Case # 04 CV 1576

Complaint Allegation:  Market Timing

(7)      Lawrence S. Wick, as custodian for Ryan S. Wick, Andrew T. Wick, and
         Hayley L. Wick, and Ryan S. Wick, Andrew T. Wick, and Hayley L. Wick
         individually and on behalf of others similarly situated, Plaintiffs, v.
         FleetBoston Financial Corporation, Columbia Management Group, Inc.,
         Columbia Management Advisors, Inc., Columbia Wanger Asset Management,
         L.P., Columbia Funds Distributor, Inc., Columbia Funds

         United States District Court
         District of Massachusetts
         Case # 04-10408HEL

Complaint Allegation:  Market Timing

(8)      Steven B. Ehrlich, Custodian for Cory Ryan Ehrlich UTMA/Florida,
         Individually and On Behalf of All Others Similarly Situated v. Columbia
         Funds, FleetBoston Financial Corporation, Columbia Management Group,
         Inc., Columbia Management Advisors, Inc., Columbia Wanger Asset
         Management, L.P., Columbia Funds Distributor, Inc., and John Does 1-100

         United States District Court
         District of Massachusetts
         Case # 04 10405 PBS

Complaint Allegation:  Market Timing

(9)      Harold Beardsley, et al on behalf of Columbia Disciplined Value Fund
         (the "Columbia Funds") v. FleetBoston Financial Corporation, et al

         United States District Court
         District of Massachusetts
         Case # 04 10978 PBS



77O Transactions effected pursuant to Rule 10f-3

On May 5, 2004, Colonial Investment Grade Municipal Trust (Fund) purchased
300,000 par value of bonds of Massachusetts State GO 5.25% 8/1/20 (Securities)
for a total purchase price of $316,353 from Goldman, Sachs & Co. 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, Columbia Management Advisors, 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: Citigroup Global
Markets, Inc. Banc of America Securities LLC; Lehman Brothers; UBS Financial
Services, Inc.; J.P. Morgan Securities, Inc.; Merrill Lynch & Co.;
Morgan Stanley; Ramirez & Co., Inc.; Raymond James & Associates; Wachovia Bank,
National Association.



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