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Colonial Investment Grade Municipal Trust

77E Legal Proceedings

On February 9, 2005, Columbia Management Advisors, Inc.
(which has since merged into Banc of America Capital Management,
LLC (now named Columbia Management Advisors, LLC)) ("Columbia")
and Columbia Funds Distributor, Inc. (which has been renamed
Columbia Management Distributors, Inc.) (the "Distributor")
(collectively, the "Columbia Group") entered into an Assurance
of Discontinuance with the New York Attorney General ("NYAG")
(the "NYAG Settlement") and consented to the entry of a
cease-and-desist order by the Securities and Exchange Commission
("SEC") (the "SEC Order"). The SEC Order and the NYAG Settlement
are referred to collectively as the "Settlements". The Settlements
contain substantially the same terms and conditions as outlined
in the agreements in principle which Columbia Group entered
into with the SEC and NYAG in March 2004.

Under the terms of the SEC Order, the Columbia Group agreed
among other things, to: pay $70 million in disgorgement and
$70 million in civil money penalties; cease and desist from
violations of the antifraud provisions and certain other
provisions of the federal securities laws; maintain certain
compliance and ethics oversight structures; retain an independent
consultant to review the Columbia Group's applicable supervisory,
compliance, control and other policies and procedures; and retain
an independent distribution consultant (see below). The Columbia
Funds have also voluntarily undertaken to implement certain
governance measures designed to maintain the independence of
their boards of trustees. The NYAG Settlement also, among other
things, requires Columbia and its affiliates to reduce management
fees for certain Columbia Funds (including the former Nations Funds)
and other mutual funds collectively by $32 million per year for
five years, for a projected total of $160 million in management fee
reductions.

Pursuant to the procedures set forth in the SEC order, the
$140 million in settlement amounts described above will be
distributed in accordance with a distribution plan developed by
an independent distribution consultant and approved by the SEC.
The independent distribution consultant has been in consultation
with the staff of the SEC and has submitted a proposed plan of
distribution. The SEC has not yet approved a final plan of
distribution.

As a result of these matters or any adverse publicity or
other developments resulting from them, the market price of
the shares could decline.

A copy of the SEC Order is available on the SEC website at
http://www.sec.gov. A copy of the NYAG Settlement is available
as part of the Bank of America Corporation Form 8-K filing on
February 10, 2005.

In connection with the events described in detail above, various
parties have filed suit against certain funds, the Trustees
of the Columbia Funds, FleetBoston Financial Corporation and
its affiliated entities and/or Bank of America and its affiliated
entities.

On February 20, 2004, the Judicial Panel on Multidistrict
Litigation transferred these cases and cases against several
other mutual fund companies based on similar allegations to the
United States District Court in Maryland for consolidated or
coordinated pretrial proceedings (the "MDL"). Subsequently,
additional related cases were transferred to the MDL. On
September 29, 2004, the plaintiffs in the MDL filed amended and
consolidated complaints. One of these amended complaints is a
putative class action that includes claims under the federal
securities laws and state common law, and that names Columbia,
the Distributor, the Trustees of the Columbia Funds, Bank of
America Corporation and others as defendants. Another of the
amended complaints is a derivative action purportedly on behalf
of the Columbia Funds that asserts claims under federal
securities laws and state common law.

On February 25, 2005, Columbia and other defendants filed
motions to dismiss the claims in the pending cases. On
March 1, 2006, for reasons stated in the court's memoranda
dated November 3, 2005, the U.S. District Court for the
District of Maryland granted in part and denied in part the
defendants' motions to dismiss. The court dismissed all of the
class action claims pending against the Columbia Funds Trusts
and the Columbia Acorn Trust. As to Columbia, and the
Distributor, the claims under the Securities Act of 1933,
the claims under Sections 34(b) and 36(a) of the Investment
Company Act of 1940 ("ICA") and the state law claims
were dismissed. The claims under Sections 10(b) and 20(a)
of the Securities Exchange Act of 1934 and claims under
Section 36(b) of the ICA along with related claims under
Section 48(a) of the ICA were not dismissed.

On March 21, 2005, a purported class action was filed in
Massachusetts state court alleging that the conduct, including
market timing, entitles Class B shareholders in certain Columbia
funds to an exemption from contingent deferred sales charges
upon early redemption ("the CDSC Lawsuit"). The CDSC Lawsuit has
been removed to federal court in Massachusetts and the federal
Judicial Panel has transferred the CDSC Lawsuit to the MDL.

The MDL is ongoing. Accordingly, an estimate of the financial
impact of this litigation on any fund, if any, cannot
currently be made.

In 2004, certain Columbia funds, the Trustees of the
Columbia Funds, advisers and affiliated entities were named
as defendants in certain purported shareholder class and
derivative actions making claims, including claims under
the Investment Company and the Investment Advisers Acts of
1940 and state law. The suits allege, inter alia, that the fees
 and expenses paid by the funds are excessive and that the advisers
 and their affiliates inappropriately used fund assets to distribute
the funds and for other improper purpose. On March 2, 2005,
the actions were consolidated in the Massachusetts federal court as
In re Columbia Entities Litigation. The plaintiffs filed a
consolidated amended complaint on June 9, 2005. On
November 30, 2005, the judge dismissed all claims by plaintiffs
and ordered that the case be closed. The plaintiffs filed a notice
of appeal on December 30, 2005 and this appeal is pending.



770 Transactions effected pursuant to Rule 10f-3
Colonial Investment Grade Municipal Trust

On February 3, 2006, Colonial Investment Grade Municipal Trust
(Fund) purchased 750,000 par value of bonds of NY Tobacco
TSASC INC 5.125% 6/1/42 (Securities) for a total purchase price
of $723,030 from Bear Stearns pursuant to a public offering in
which Banc of America Securities acted as a participating underwriter.
Banc of America Securities 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.
(Advisor) 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 areement 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 Banc of America Securities, the following is a list of
members of the underwriting syndicate for the aforementioned
Securities: Bear, Stearns & Co. Inc.; First Albany Capital Inc.;
Merrill Lynch & Co., ABN AMRO Incorporated, Fidelity Capital Markets;
Raymond, James & Associates, Inc.; Sibert Brandford Shank & Co.;
Citigroup; Goldman, Sachs & Co.; Morgan Stanley; RBC Capital Markets;
Banc of America Securities LLC; Loop Capital Markets LLC; Roosevelt
& Cross Incorporated; JP Morgan, Lehman Brothers; UBS Investment Bank;
M.R. Beal & Company; Ramirez & Co., Inc.; SWS Securities; Wachovia
Bank National Association


On May 18, 2006, Colonial Investment Grade Municipal Trust
(Fund) purchased 250,000 par value of notes of Government
Development Bank of PR 5.00% 12/1/15 (Securities) for a total purchase
price of $256,858 from Goldman Sachs pursuant to a public offering
in which Banc of America Securities acted as a participating
underwriter. Banc of America Securities 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.
(Advisor) 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 Banc of America Securities, the following is a list
of members of the underwriting syndicate for the aforementioned
Securities: Goldman Sachs & Co.; Banc of America Securities LLC;
JP Morgan; Morgan Stanley; Raymond James & Associates, Inc.;
Lehman Brothers; Citigroup; Merrill Lynch & Co.; Popular
Securities; Samuel A. Ramirez & Co.; Wachovia Bank, National
Association









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