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 811-5785
                                                     --------

                   Colonial Investment Grade Municipal Trust
              --------------------------------------------------
              (Exact name of registrant as specified in charter)

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

                         James R. Bordewick, Jr., Esq.
                       Columbia Management Advisors, LLC
                             One Financial Center
                               Boston, MA 02111
                      ----------------------------------
                    (Name and address of agent for service)

      Registrant's telephone number, including area code: 1-617-426-3750
                                                          --------------

                  Date of fiscal year end: November 30, 2006
                                           ------------------

                  Date of reporting period: November 30, 2006
                                           ------------------

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. (S) 3507.



Item 1. Reports to Stockholders.




[PHOTO]






  COLONIAL INVESTMENT GRADE MUNICIPAL TRUST






  Annual Report
  November 30, 2006






[LOGO] NOT FDIC INSURED     May Lose Value
                            No Bank Guarantee




Economic Update - Colonial Investment Grade Municipal Trust





The US economy grew at a solid but uneven pace during the 12-month period that
began December 1, 2005 and ended November 30, 2006. Gross domestic product
(GDP) growth was robust in the first quarter of 2006, as businesses created
jobs at a brisk pace, industrial production rose and both personal spending and
personal income moved higher. However, a weak housing market began to weigh on
the economy, and the manufacturing sector contracted late in the
period--registering its first downturn since the spring of 2003. Against this
backdrop, economic growth averaged 3.0% for the 12-month period.

Between December and June, the Federal Reserve Board (the Fed) raised a key
short-term interest rate, the federal funds rate, five times--to 5.25%. But as
economic growth slowed, the Fed turned cautious and declined to increase the
federal funds rate after its June meeting. Inflation also retreated during the
period, which lent further support to the Fed's decision. Investors reacted
favorably to the prospect of stable or possibly even lower interest rates and
both the stock and bond markets rallied in the second half of the period.

Solid returns from fixed income markets

Although yields moved higher early in the period, the US fixed income markets
delivered respectable returns, as prices rose and yields declined in reaction
to the Fed's mid-year decision to put further short-term rate increases on
hold. The yield on the 10-year US Treasury note, a bellwether for the bond
market, ended the period at 4.4%--slightly lower than where it started.
High-yield bonds led the fixed income markets, reflecting investor confidence
about the overall resilience of the economy despite its slower pace of growth.


The views expressed in the Economic Update and the Portfolio Manager's report
reflect the current views of the respective parties. These views are not
guarantees of future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict so actual outcomes and results may
differ significantly from the views expressed. These views are subject to
change at any time based upon economic, market or other conditions and the
respective parties disclaim any responsibility to update such views. These
views may not be relied on as investment advice and, because investment
decisions for the trust are based on numerous factors, may not be relied on as
an indication of trading intent on behalf of any fund. References to specific
company securities should not be construed as a recommendation or investment
advice.




Portfolio Manager's Report - Colonial Investment Grade Municipal Trust





                            Price per share
                                            

                            as of 11/30/06 ($)
                            Market price       10.73
                            Net asset value    11.53




                         1-year total return
                                               

                         as of 11/30/06 (%)*
                         Market price             8.96
                         Net asset value          8.79
                         Lipper General Municipal
                           Debt Funds (Leveraged)
                           Category average       9.06


  Performance is historical, assumes reinvestment of all dividends and capital
  gains, and does not guarantee future results. Investment return and principal
  value fluctuate with changing market conditions so that, when sold, shares
  may be worth more or less than their original cost. Current performance may
  be lower or higher than the performance data quoted. Please call 800-730-6001
  for the trust's most recent performance. Total return based on net asset
  value reflects changes in the trust's net asset value during each period.
  Total return based on market value reflects changes in market value. These
  figures will differ depending on the level of any discount from or premium to
  net asset value during the period.



                       Distributions declared per
                       common share
                                                 

                         12/01/05-11/30/06 ($)      0.58


  A portion of the trust's income may be subject to the alternative minimum
  tax. The trust 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 trust's ordinary income, and any market discount is taxable when
  distributed.

For the 12-month period ended November 30, 2006, Colonial Investment Grade
Municipal Trust generated a total return of 8.96%, based on its market price,
and 8.79%, based on investment at net asset value. Changes in the market price
of the trust's shares reflect demand and are not necessarily linked directly to
changes in the trust's net asset value. These returns were slightly below the
average return of the Lipper General Municipal Debt Funds (Leveraged)
Classification, which was 9.06% for the same period./1/ The trust benefited
from having above-average stakes in longer-maturity bonds, non-callable and
non-rated bonds. Non-callable bonds are bonds that cannot be redeemed (or
called) by the issuer before maturity, while non-rated bonds are issues that
have not been rated by the major credit ratings agencies. An underweight in
certain lower rated, higher-yielding securities modestly hampered returns.

Municipal bonds fared well in weak and strong markets

In the first half of the period, inflation concerns and rising short-term
interest rates put pressure on bond prices. Municipal bonds held up better than
taxable bonds in this environment. And when inflation concerns eased and the
Federal Reserve Board paused after two years of steadily raising short-term
interest rates, municipal bonds performed as well as Treasuries during the
rally that ensued. For the 12-month period, longer-maturity bonds, which tend
to more sensitive to interest rate changes, beat shorter-maturity issues, while
high-yield municipals, notably airline bonds, outpaced investment grade bonds.

Standouts came from airline and health care sectors

The trust's position in airline bonds did well, especially during the first
half of the period, led by US Airways, Inc. (0.3% of total investments)/2/,
which came out of bankruptcy and merged with America West Airlines, Inc. In the
health care sector, bonds issued by Pioneer Health Care (0.7% of total
investments), a Colorado nursing home, benefited from improved credit quality.
Elsewhere, the trust gained ground on the sale of short-term callable bonds and
from profit-taking in non-callable bonds, which had rallied. Tempering these
gains were bonds issued by Northwest Airlines, which we sold at a loss, and
bonds issued by the Main Line and Haverford Nursing Home (0.2% of total
investments) in Pennsylvania, which declined as credit problems emerged.

Decline in income

The trust's dividend yield fell over the past year as the income derived from
leverage declined. The trust's leverage comes from its preferred shares, which
were issued in 1999 to allow the trust to borrow against its underlying
investments. We invest the proceeds from the preferred shares in longer
maturity, higher-yielding bonds, and then pay out to preferred shareholders a
short-term rate influenced by the federal
/1/Lipper Inc., a widely respected data provider in the industry, calculates an
   average total return (assuming reinvestment of distributions) for mutual
   funds with investment objectives similar to those of the trust. Lipper makes
   no adjustment for the effect of sales loads.
/2/Holdings are discussed as of November 30, 2006, and are subject to change.
*See page 27 for the returns based on market price for the last five fiscal
 years.

                                                                             1




Portfolio Manager's Report (continued) - Colonial Investment Grade Municipal
Trust




                         Top 5 sectors
                                                

                         as of 11/30/06 (%)
                         Refunded/Escrowed         10.0
                         Hospitals                  9.8
                         State Appropriated         8.0
                         Local General Obligations  7.6
                         Investor Owned             7.6




                            Quality breakdown
                                            

                            as of 11/30/06 (%)
                            AAA                41.5
                            AA                  9.6
                            A                  11.4
                            BBB                20.1
                            BB                  0.8
                            B                   0.8
                            Non-Rated          15.3
                            Cash Equivalents    0.5


  Sector and quality breakdowns are calculated as a percentage of total
  investments. Ratings shown in the quality breakdown represent the 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. Ratings are
  relative and subjective and are not absolute standards of quality. Credit
  quality does not remove market risk. The majority of the bonds that are
  non-rated are considered by the advisor to be of non-investment grade quality.
  Portfolio characteristics and holdings are subject to change periodically and
  may not be representative of current characteristics and holdings. Because
  the trust is actively managed, there is no guarantee that the trust will
  maintain these sectors or continue to have this quality breakdown in the
  future.


funds rate. A decline in long-term rates and a rise in short-term rates reduced
the income available to common shareholders. Leverage, however, continued to
give common shareholders a higher dividend payment than would have been
available without it.

Although the trust's yield declined in absolute terms, it improved versus
competitors through the selective addition of some higher-yielding bonds,
including high-quality housing bonds subject to the alternative minimum tax and
non-rated retirement housing bonds.

A favorable outlook

Although housing and manufacturing have been weak, we believe that the service
and retailing sectors remain strong, which bodes well for continued economic
growth. In this environment, we expect inflation, the nemesis of bond
investors, to remain in check, especially as international competition
increases. Going forward, we plan to keep the trust's focus on longer-maturity
bonds, whose prices can be more heavily influenced by inflation expectations.

Portfolio Management

Maureen G. Newman has been the portfolio manager of Colonial Investment Grade
Municipal Trust since January 2002. Ms. Newman has managed various municipal
funds for Columbia Management Advisors, LLC or its predecessors or affiliate
organizations since May 1996.


Shares of closed-end funds frequently trade at a discount to net asset value.
The price of the trust's shares is determined by a number of factors, several
of which are beyond the control of the trust. Therefore, the trust cannot
predict whether its shares will trade at, below or above net asset value.

Investing in fixed-income securities may involve certain risks, including the
credit quality of individual issuers, possible prepayments, market or economic
developments and yield and share price fluctuations due to changes in interest
rates. When interest rates go up, bond prices typically drop, and vice versa.

Investing in high-yield or "junk" bonds offers the potential for higher income
than investments in investment-grade bonds, but also has a higher degree of
risk. Changes in economic conditions or other circumstances may adversely
affect a high-yield bond issuer's ability to make timely principal and interest
payments.

Tax-exempt investing offers current tax-exempt income, but it also involves
special risks. The value of the trust shares will be affected by interest rate
changes and the creditworthiness of issues held in the trust. Interest income
from certain tax-exempt bonds may be subject to certain state and local taxes
and, if applicable, the alternative minimum tax. Capital gains are not exempt
from income taxes.

2




Investment Portfolio - Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds - 142.5%



                                                                                          
                                                                                          Par ($)  Value ($)
Education - 6.0%
Education - 2.9%
FL Broward County Educational      Nova Southeastern University, Series 2004 B,
Facilities Authority                 5.500% 04/01/24                                       155,000   165,481

IL Chicago State University        Series 1998, Insured: MBIA
                                     5.500% 12/01/23                                     1,085,000 1,294,806

PA Higher Education Facilities     Philadelphia University, Series 2004 A,
Authority                            5.125% 06/01/25                                       500,000   520,680

TN Metropolitan Government,
Nashville & Davidson County,
Health & Educational Facilities    Meharry Medical College, Series 1996, Insured: AMBAC
Board                                6.000% 12/01/16                                     1,575,000 1,845,916
                                   ----------------------------------------------------- --------- ---------
                                   Education Total                                                 3,826,883

Prep School - 0.6%
KY Louisville & Jefferson County   Assumption High School, Inc., Series 2006,
Metropolitan Government              5.000% 10/01/35                                       500,000   521,805

NH Business Finance Authority      Proctor Academy, Series 1998 A,
                                     5.400% 06/01/17                                       340,000   349,048
                                   ----------------------------------------------------- --------- ---------
                                   Prep School Total                                                 870,853

Student Loan - 2.5%
CT Higher Education Supplemental   Series 2005 A, AMT, Insured: MBIA
Loan Authority                       4.250% 11/15/19                                     1,700,000 1,724,055

NE Nebhelp, Inc.                   Series 1993 A-6, AMT, Insured: MBIA
                                     6.450% 06/01/18                                     1,500,000 1,617,660
                                   ----------------------------------------------------- --------- ---------
                                   Student Loan Total                                              3,341,715
Education Total                                                                                    8,039,451
Health Care - 30.1%
Continuing Care Retirement - 10.8%
CA La Verne                        Brethren Hillcrest Homes, Series 2003 B,
                                     6.625% 02/15/25                                       350,000   390,306

CO Health Facilities Authority     Covenant Retirement Communities, Inc., Series 2005 B,
                                     5.000% 12/01/16                                       860,000   905,993

CT Development Authority           Elim Park Baptist Home, Inc., Series 2003,
                                     5.750% 12/01/23                                       250,000   268,912

FL Capital Projects Finance        Glenridge on Palmer Ranch, Series 2002 A,
Authority                            8.000% 06/01/32                                       500,000   561,915

FL Lee County Industrial           Shell Point Village, Series 1999 A,
Development Authority                5.500% 11/15/29                                       175,000   180,248

GA Fulton County                   Canterbury Court, Series 2004 A,
                                     6.125% 02/15/34                                       250,000   264,965


See Accompanying Notes to Financial Statements.

                                                                             3




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)


                                                                                         
                                                                                          Par ($) Value ($)
Health Care (continued)
Continuing Care Retirement (continued)
GA Savannah Economic               Marshes of Skidaway, Series 2003 A,
Development Authority                7.400% 01/01/24                                      250,000   267,607

IL Finance Authority               Lutheran Senior Services, Series 2006,
                                     5.125% 02/01/26                                      875,000   921,375
                                   Washington & Jane Smith Community, Series 2005 A,
                                     6.250% 11/15/35                                      500,000   530,025

IL Health Facilities Authority     Washington & Jane Smith Community, Series 2003 A,
                                     7.000% 11/15/32                                      250,000   273,182

IN Health & Educational Facilities Baptist Homes of Indiana, Inc., Series 2005,
Financing Authority                  5.250% 11/15/35                                      500,000   530,455

MA Development Finance Agency      Loomis House, Inc., Series 1999 A,
                                     5.625% 07/01/15                                      200,000   206,316

MD Westminster Economic            Carroll Lutheran Village, Inc., Series 2004 A,
Development Authority                5.875% 05/01/21                                      500,000   522,375

MI Kentwood Economic               Holland Home, Series 2006 A,
Development Corp.                    5.375% 11/15/36                                      500,000   533,140

MO Cole County Industrial          Lutheran Senior Services, Series 2004,
Development Authority                5.500% 02/01/35                                      500,000   533,755

MT Facility Finance Authority      St John's Lutheran Ministries, Inc., Series 2006 A,
                                     6.125% 05/15/36                                      200,000   210,458

NC Medical Care Commission         United Methodist Retirement Home, Inc., Series 2005 C,
                                     5.250% 10/01/24                                      250,000   258,280

NJ Economic Development
Authority                          Lions Gate, Series 2005 A:
                                    5.750% 01/01/25                                       310,000   324,080
                                    5.875% 01/01/37                                       100,000   104,464
                                   Lutheran Social Ministries, Series 2005,
                                    5.100% 06/01/27                                       250,000   258,675
                                   Marcus L. Ward Home, Series 2004,
                                    5.750% 11/01/24                                       350,000   383,008

PA Bucks County Industrial         Ann's Choice, Inc., Series 2005 A,
Development Authority                6.125% 01/01/25                                      500,000   533,475

PA Chartiers Valley Industrial &   Friendship Village/South, Series 2003 A,
Commercial Development Authority     5.250% 08/15/13                                      500,000   511,855

PA Delaware County Authority       Dunwoody Village, Series 2003 A,
                                     5.375% 04/01/17                                      250,000   266,392

PA Montgomery County Industrial    Whitemarsh Continuing Care Retirement Community,
Development Authority                Series 2005:
                                    6.125% 02/01/28                                       200,000   213,712
                                    6.250% 02/01/35                                       300,000   320,151


                                See Accompanying Notes to Financial Statements.

4




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)



                                                                                          
                                                                                          Par ($)  Value ($)
Health Care (continued)
Continuing Care Retirement (continued)
SC Jobs-Economic Development       Wesley Commons, Series 2006,
Authority                            5.300% 10/01/36                                       250,000    255,443

TN Johnson City Health &           Appalachian Christian Village, Series 2004 A,
Educational Facilities Authority     6.250% 02/15/32                                       250,000    262,230

TN Shelby County Health
Educational & Housing Facilities   Germantown Village, Series 2003 A,
Board                                7.250% 12/01/34                                       150,000    162,335
                                   Trezevant Manor, Series 2006 A,
                                     5.750% 09/01/37                                       250,000    257,058

TX Abilene Health Facilities       Sears Methodist Retirement Center, Series 2003 A,
Development Corp.                    7.000% 11/15/33                                       500,000    548,275

TX Tarrant County Cultural         Northwest Senior Housing-Edgemere, Series 2006 A,
Education Facilities                 6.000% 11/15/36                                       250,000    267,270

VA Suffolk Industrial Development  Lake Prince Center, Series 2006,
Authority Retirement Facilities      5.300% 09/01/31                                       250,000    256,578

VA Virginia Beach Development      Westminster-Canterbury, Series 2005,
Authority                            5.250% 11/01/26                                       300,000    310,467

VA Winchester Industrial           Westminster-Canterbury, Series 2005 A,
Development Authority                5.300% 01/01/35                                       250,000    256,638

WI Health & Educational Facilities Eastcastle Place, Inc., Series 2004,
Authority                            6.125% 12/01/34                                       150,000    153,863
                                   Milwaukee Catholic Home, Series 2006,
                                     5.000% 07/01/26                                     1,000,000  1,052,070
                                   Three Pillars Senior Living Communities, Series 2003,
                                     5.600% 08/15/23                                       300,000    315,111
                                   ----------------------------------------------------- --------- ----------
                                   Continuing Care Retirement Total                                14,372,457

Health Services - 1.5%
CO Health Facilities Authority     National Jewish Medical & Research Center,
                                     Series 1998 B,
                                     5.375% 01/01/29                                       250,000    254,425

LA Public Facilities Authority     Pennington Medical Foundation, Series 2006,
                                     5.000% 07/01/21                                     1,000,000  1,059,320

MA Health & Educational Facilities Civic Investments, Inc., Series 2002 A,
Authority                            GTY AGMT: Harvard Pilgrim Health Care
                                     9.000% 12/15/15                                       250,000    310,355

MN St. Paul Housing &              Group Health Plan, Inc., Series 2006,
Redevelopment Authority              5.250% 05/15/23                                       325,000    347,617
                                   ----------------------------------------------------- --------- ----------
                                   Health Services Total                                            1,971,717

Hospitals - 14.2%
AL Health Care Authority           Series 2006 B,
                                     5.000% 11/15/21                                       850,000    889,967


See Accompanying Notes to Financial Statements.

                                                                             5





Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)



                                                                                       
                                                                                       Par ($)  Value ($)
Health Care (continued)
Hospitals (continued)
AR Washington County               Washington Regional Medical Center, Series 2005 B,
                                     5.000% 02/01/30                                    400,000   415,740

CA Health Facilities Financing     Catholic Healthcare West, Series 2004 I,
Authority                            4.950% 07/01/26                                    200,000   212,052

CA Statewide Communities           Kaiser Permanente, Series 2004 I,
Development Authority                3.450% 04/01/35                                    250,000   246,405

CA Turlock                         Emanuel Medical Center, Inc., Series 2004,
                                     5.375% 10/15/34                                    500,000   531,165

CO Health Facilities Authority     Parkview Medical Center, Series 2004,
                                     5.000% 09/01/25                                    250,000   258,812
                                   Vail Valley Medical Center, Series 2004,
                                     5.000% 01/15/20                                    250,000   263,282

DE Health Facilities Authority     Beebe Medical Center, Series 2004 A,
                                     5.000% 06/01/16                                    500,000   527,225

FL Hillsborough County Industrial  Health Science Center, Series 2006 G,
Development Authority                5.000% 10/01/21                                    400,000   425,212

FL Orange County Health Facilities
Authority                          Orlando Regional Healthcare System:
                                     Series 1996 C, Insured: MBIA
                                     6.250% 10/01/13                                    720,000   828,317
                                     Series 1999 E,
                                     6.000% 10/01/26                                    170,000   180,870

FL South Broward Hospital District Series 2002,
                                     5.625% 05/01/32                                  1,000,000 1,082,440

IL Southwestern Development
Authority                          Anderson Hospital:
                                     Series 1999,
                                     5.375% 08/15/15                                    380,000   393,285
                                     Series 2006,
                                     5.125% 08/15/36(a)                               1,000,000 1,043,150

IN Health & Educational Facility   Jackson County Schneck Memorial, Series 2006 A,
Financing Authority                  5.250% 02/15/36                                    350,000   376,141

IN Health Facility Financing       Community Foundation of Northwest Indiana, Inc.,
Authority                            Series 2004 A,
                                     6.000% 03/01/34                                    150,000   163,013

KS University Hospital Authority   Jayhawk Primary Care, Series 2002,
                                    5.625% 09/01/32                                     500,000   538,875
                                   Series 2006,
                                     4.500% 09/01/32(a)                                 250,000   249,605


                                See Accompanying Notes to Financial Statements.

6




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)



                                                                                           
                                                                                           Par ($)  Value ($)
Health Care (continued)
Hospitals (continued)
LA Public Facilities Authority     Touro Infirmary, Series 1999 A,
                                     5.625% 08/15/29                                        500,000   508,895

MA Health & Educational Facilities Milford-Whitinsville Regional Hospital, Series 1998 C,
Authority                            5.750% 07/15/13                                        500,000   517,880
                                   South Shore Hospital, Series 1999 F,
                                     5.750% 07/01/29                                      1,000,000 1,055,110

MD Health & Higher Educational     Adventist Healthcare, Series 2003 A:
Facilities Authority                 5.000% 01/01/16                                        250,000   261,050
                                     5.750% 01/01/25                                        250,000   271,570

MI Hospital Finance Authority      Oakwood Obligated Group, Series 2003,
                                     5.500% 11/01/18                                        400,000   433,980

MN St. Paul Housing &
Redevelopment Authority            HealthEast, Inc.:
                                     Series 2001 A,
                                     5.700% 11/01/15                                        250,000   257,943
                                     Series 2005,
                                     5.150% 11/15/20                                        250,000   262,920

MO Saline County Industrial        John Fitzgibbon Memorial Hospital, Series 2005,
Development Authority                5.625% 12/01/35                                        500,000   512,300

MT Facilities Finance Authority    Montana's Children's Home and Hospital, Series 2005 B,
                                     4.750% 01/01/24                                        250,000   258,125

NH Health & Education Facilities   Memorial Hospital at North Conway, Series 2006,
Authority                            5.250% 06/01/36                                        300,000   317,241

NH Higher Educational & Health     Catholic Medical Center, Series 2002 A,
Facilities Authority                 6.125% 07/01/32                                         60,000    65,747

NV Henderson                       Catholic Healthcare West, Series 1999 A,
                                     6.750% 07/01/20                                         60,000    65,874
                                   St. Rose Dominican Hospital, Series 1998 A,
                                     5.375% 07/01/26                                        195,000   200,314

NY Dormitory Authority             Long Island Jewish Medical Center, Series 2003,
                                     5.500% 05/01/33                                        100,000   108,180
                                   Mount Sinai Hospital:
                                     Series 2000 C,
                                     5.500% 07/01/26                                        300,000   305,178
                                     Series 2000,
                                     5.500% 07/01/26                                        200,000   203,452

OH Lakewood                        Lakewood Hospital Association, Series 2003,
                                     5.500% 02/15/14                                        385,000   414,868

RI Health & Educational Building   Lifespan Obligated Group, Series 2002,
Corp.                                6.375% 08/15/21                                         65,000    72,105


See Accompanying Notes to Financial Statements.

                                                                             7




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)



                                                                                           
                                                                                           Par ($)  Value ($)
Health Care (continued)
Hospitals (continued)
SC Jobs Economic Development        Bon Secours-St. Francis Medical Center, Series 2002,
Authority                             5.500% 11/15/23                                       500,000    536,390

SC Lexington County Health          Lexington Medical Center, Series 2003,
Services                              5.500% 11/01/23                                       500,000    536,490

SD Health & Educational Facilities  Sioux Valley Hospital & Health System, Series 2004 A,
Authority                             5.250% 11/01/34                                       250,000    264,980

TN Sullivan County Health           Wellmont Health System, Series 2006 C,
Educational & Housing Facilities      5.250% 09/01/26                                     1,000,000  1,070,020
Board

VA Augusta County Industrial        Augusta Health Care, Inc., Series 2003,
Development Authority                 5.250% 09/01/19                                     1,000,000  1,103,830

WI Health & Educational Facilities  Aurora Health Care, Inc., Series 2003,
Authority                             6.400% 04/15/33                                       175,000    197,202
                                    Fort Healthcare, Inc., Series 2004,
                                      5.375% 05/01/18                                       385,000    413,998
                                    ----------------------------------------------------- --------- ----------
                                    Hospitals Total                                                 18,841,198

Intermediate Care Facilities - 0.6%
IL Development Finance Authority    Hoosier Care, Inc., Series 1999 A,
                                      7.125% 06/01/34                                       450,000    466,209

MA Development Finance Agency       Evergreen Center, Inc., Series 2005,
                                      5.000% 01/01/24                                       250,000    251,975
                                    ----------------------------------------------------- --------- ----------
                                    Intermediate Care Facilities Total                                 718,184

Nursing Homes - 3.0%
AK Juneau                           St. Ann's Care Center, Inc., Series 1999,
                                      6.875% 12/01/25                                       485,000    488,148

CO Health Facilities Authority      Evangelical Lutheran Good Samaritan Foundation,
                                      Series 2005,
                                      5.000% 06/01/35                                       125,000    129,750
                                    Pioneer Health Care, Series 1989,
                                      10.500% 05/01/19                                    1,490,000  1,329,721

DE Economic Development             Churchman Village, Series 1991 A,
Authority                             10.000% 03/01/21                                      840,000    840,621

PA Chester County Industrial        Series 2002,
Development Authority                 8.500% 05/01/32                                       740,000    774,484

PA Delaware County Industrial       Care Institute-Main Line LLC, Series 2005,
Development Authority                 9.000% 08/01/31                                       540,000    437,178
                                    ----------------------------------------------------- --------- ----------
                                    Nursing Homes Total                                              3,999,902
Health Care Total                                                                                   39,903,458


                                See Accompanying Notes to Financial Statements.

8




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)



                                                                                     
                                                                                     Par ($)  Value ($)
Housing - 13.6%
Assisted Living/Senior - 1.2%
NC Medical Care Commission        DePaul Community Facilities, Inc., Series 1998,
                                    6.125% 01/01/28                                   500,000   485,185

NY Suffolk County Industrial      Gurwin Jewish Phase II, Series 2004,
Development Agency                  6.700% 05/01/39                                   500,000   546,310

OR Clackamas County Hospital      Robison Jewish Home, Series 2005,
Facility Authority                  5.250% 10/01/27                                   500,000   508,255
                                  ------------------------------------------------- --------- ---------
                                  Assisted Living/Senior Total                                1,539,750

Multi-Family - 7.4%
DC Housing Finance Agency         Henson Ridge, Series 2004 E, AMT, Insured: FHA
                                    5.100% 06/01/37                                   500,000   521,485

FL Broward County Housing Finance Chaves Lake Apartments Ltd., Series 2000 A, AMT,
Authority                           7.500% 07/01/40                                   500,000   533,520

FL Capital Trust Agency           Atlantic Housing Foundation, Inc., Series 2005 C,
                                    5.875% 01/01/28                                   375,000   384,649

FL Clay County Housing Finance    Breckenridge Commons Ltd., Series 2000 A, AMT,
Authority                           7.450% 07/01/40                                   245,000   259,896

MA Housing Finance Agency         Series 2004 A, AMT, Insured: FSA
                                    5.250% 07/01/25                                 2,000,000 2,071,920
                                  Series 2005 E, AMT,
                                    5.000% 12/01/28                                   250,000   260,027

ME Housing Authority              Series 2005 A-2, AMT,
                                    4.950% 11/15/27                                   500,000   511,250

MN Minneapolis Student Housing    Riverton Community Housing, Inc., Series 2006 A,
                                    5.700% 08/01/40                                   250,000   253,223

MN White Bear Lake                Birch Lake Townhomes:
                                    Series 1989 A, AMT,
                                    10.250% 07/15/19                                  775,000   735,087
                                    Series 1989 B, AMT,
                                    (b) 07/15/19                                      666,000   199,800

NC Medical Care Commission        ARC Project, Series 2004 A,
                                    5.800% 10/01/34                                   655,000   715,286

NJ Middlesex County Improvement   Student Housing Urban Renewal, Series 2004 A,
Authority                           5.000% 08/15/18                                   300,000   314,037

NM Mortgage Finance Authority     Series 2005 E, AMT, Insured: FHA
                                    4.800% 09/01/40                                   500,000   500,120

NY New York City Housing          Series 2005 F-1,
Development Corp.                   4.650% 11/01/25                                   500,000   515,450


See Accompanying Notes to Financial Statements.

                                                                             9




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)


                                                                                        
                                                                                        Par ($)  Value ($)
Housing (continued)
Multi-Family (continued)
OH Montgomery County            Heartland of Centerville LLC, Series 2005, AMT,
                                  Insured: FHLMC
                                 4.950% 11/01/35                                         250,000    256,480

Resolution Trust Corp.          Pass-Through Certificates, Series 1993 A,
                                  8.500% 12/01/16(c)                                     227,741    227,363

WA Seattle Housing Authority    High Rise Rehabilitation Phase I LP, Series 2005, AMT,
                                  Insured: FSA
                                  5.000% 11/01/25                                        500,000    513,740

WA Tacoma Housing Authority     Series 2005, AMT, Insured: GNMA
                                  5.050% 11/20/37                                      1,040,000  1,075,838
                                ------------------------------------------------------ --------- ----------
                                Multi-Family Total                                                9,849,171

Single-Family - 5.0%
CO Housing & Finance Authority  Series 2000 B-2, AMT,
                                  7.250% 10/01/31                                         65,000     65,963

IL Chicago                      Series 2000 A, AMT, Guarantor: FNMA
                                  7.150% 09/01/31                                         25,000     25,705

MA Housing Finance Agency       Series 2005 118, AMT,
                                  4.850% 12/01/35                                        750,000    757,733
                                Series 2005,
                                  5.000% 06/01/30                                        455,000    472,872

ME Housing Authority            Series 2005 D-2, AMT,
                                  4.800% 11/15/36                                      1,500,000  1,521,570

MN Minneapolis St. Paul Housing Series 2006 A2, AMT, Insured: GNMA
Finance Board                     5.000% 12/01/38                                        500,000    517,025

MT Board of Housing             Series 2005 A, AMT,
                                  5.000% 06/01/36                                      1,000,000  1,027,050

ND Housing Finance Agency       Series 2006 A, AMT,
                                  4.850% 07/01/21                                        500,000    515,245

OK Housing Finance Agency       Series 2006 C, AMT, Insured: GNMA
                                  4.900% 09/01/21                                        705,000    728,258

PA Pittsburgh Urban             Series 2006 C, Insured: GNMA
Redevelopment Authority           4.800% 04/01/28                                        500,000    509,345

WI Housing & Economic           Series 2005 C, AMT,
Development Authority             4.875% 03/01/36                                        485,000    492,949
                                ------------------------------------------------------ --------- ----------
                                Single-Family Total                                               6,633,715
Housing Total                                                                                    18,022,636


                                See Accompanying Notes to Financial Statements.

10




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)


                                                                               
                                                                               Par ($)  Value ($)
Industrials - 3.5%
Food Products - 1.0%
MI Strategic Fund                Imperial Holly Corp., Series 1998 C, AMT,
                                   6.550% 11/01/25                              250,000   255,840

NE Washington County WasteWater  Cargill, Inc., Series 2002, AMT,
Facilities Authority               5.900% 11/01/27                            1,000,000 1,098,270
                                 -------------------------------------------- --------- ---------
                                 Food Products Total                                    1,354,110

Forest Products & Paper - 1.1%
AL Camden Industrial Development Weyerhaeuser Co., Series 2003 B, AMT,
Board                              6.375% 12/01/24                              275,000   303,077

AR Camden Environmental          International Paper Co., Series 2004 A, AMT,
Improvement Authority              5.000% 11/01/18                              500,000   515,405

FL Escambia County Environmental International Paper Co., Series 2003 A, AMT,
Improvement Revenue                5.750% 11/01/27                              250,000   266,710

MS Lowndes County                Weyerhaeuser Co., Series 1992,
                                   6.700% 04/01/22                              325,000   394,443
                                 -------------------------------------------- --------- ---------
                                 Forest Products & Paper Total                          1,479,635

Manufacturing - 0.2%
MO Development Finance Board     Procter & Gamble Co., Series 1999, AMT,
                                   5.200% 03/15/29                              250,000   286,335
                                 -------------------------------------------- --------- ---------
                                 Manufacturing Total                                      286,335

Oil & Gas - 0.8%
NJ Middlesex County Pollution    Amerada Hess Corp., Series 2004,
Control Authority                  6.050% 09/15/34                              175,000   192,836

NV Clark County Industrial       Southwest Gas Corp., Series 2003 E, AMT,
Development Authority              5.800% 03/01/38                              250,000   268,933

TX Gulf Coast Industrial         Citgo Petroleum Corp., Series 1998, AMT,
Development Authority              8.000% 04/01/28                              250,000   284,517

VI Virgin Islands Public Finance Hovensa LLC, Series 2003, AMT,
Authority                          6.125% 07/01/22                              200,000   222,470
                                 -------------------------------------------- --------- ---------
                                 Oil & Gas Total                                          968,756

Other Industrial Development Bonds - 0.4%
NJ Economic Development          GMT Realty LLC, Series 2006 B, AMT,
Authority                          6.875% 01/01/37                              500,000   509,870
                                 -------------------------------------------- --------- ---------
                                 Other Industrial Development Bonds Total                 509,870
Industrials Total                                                                       4,598,706


See Accompanying Notes to Financial Statements.

                                                                             11




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)


                                                                                        
                                                                                        Par ($)  Value ($)
Other - 17.2%
Other - 0.2%
PR Commonwealth of Puerto Rico     Series 2006 B,
Government Development Bank          5.000% 12/01/15                                     250,000   270,948
                                   --------------------------------------------------- --------- ---------
                                   Other Total                                                     270,948

Pool/Bond Bank - 0.4%
OH Summit County Port Authority    Seville Project, Series 2005 A,
                                     5.100% 05/15/25                                     490,000   501,750
                                   --------------------------------------------------- --------- ---------
                                   Pool/Bond Bank Total                                            501,750

Refunded/Escrowed(d) - 14.5%
CA Golden State Tobacco            Series 2003 B, Pre-refunded 06/01/13,
Securitization Corp.                 5.500% 06/01/43                                     500,000   555,865

CO Highlands Ranch Metropolitan    Series 1996, Escrowed to Maturity, Insured: CGIC
District No. 2                       6.500% 06/15/11                                     725,000   813,319

FL Orange County Health Facilities
Authority                          Orlando Regional Healthcare System:
                                    Series 1996 C, Escrowed to Maturity, Insured: MBIA
                                    6.250% 10/01/13                                    1,740,000 2,020,558
                                    Series 1999 E, Pre-refunded 10/01/09,
                                    6.000% 10/01/26                                        5,000     5,364
                                    Series 2002, Pre-refunded 12/01/12,
                                    5.750% 12/01/32                                      150,000   166,758

IL Development Finance Authority   Adventist Health System, Series 1999,
                                     Pre-refunded 11/15/09,
                                     5.500% 11/15/20                                     900,000   957,492

IL Health Facilities Authority     Lutheran Senior Ministries, Series 2001 A,
                                     Pre-refunded 08/15/11,
                                     7.375% 08/15/31                                     250,000   292,288
                                   Swedish American Hospital, Series 2000,
                                     Pre-refunded 05/15/10,
                                     6.875% 11/15/30                                     500,000   551,640

MA Development Finance Agency      Western New England College, Series 2002,
                                     Pre-refunded 12/01/12,
                                     6.125% 12/01/32                                     315,000   360,045

MD Health & Higher Educational     University of Maryland Medical System, Series 2000,
Facilities Authority                 Pre-refunded 07/01/10,
                                     6.750% 07/01/30                                     250,000   278,550

MI Garden City School District     Series 2001, Insured: QSBLF, Pre-refunded 05/01/11,
                                     5.500% 05/01/16                                     325,000   350,701

MN University of Minnesota         Series 1996 A, Escrowed to Maturity:
                                     5.500% 07/01/21                                   2,000,000 2,345,600
                                    5.750% 07/01/14                                      500,000   571,505

MO Health & Educational Facilities Central Institute for the Deaf, Series 1999,
Authority                            Pre-refunded 01/01/10, Insured: RAD
                                     5.850% 01/01/22                                     600,000   639,258


                                See Accompanying Notes to Financial Statements.

12




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)


                                                                                               
                                                                                               Par ($)  Value ($)
Other (continued)
Refunded/Escrowed(d) (continued)
NC Lincoln County                   Lincoln County Hospital, Series 1991,
                                      Escrowed to Maturity,
                                      9.000% 05/01/07                                            25,000     25,528

NC Municipal Power Agency           Catawba No. 1, Series 1986, Escrowed to Maturity,
                                      5.000% 01/01/20                                         1,670,000  1,884,278

NH Health & Educational Facilities  Catholic Medical Center, Series 2002 A,
Authority                             Pre-refunded 07/01/12,
                                      6.125% 07/01/32                                           440,000    496,377

NV Henderson                        Catholic Healthcare West, Series 1999 A,
                                      Pre-refunded 07/01/10,
                                      6.750% 07/01/20                                           440,000    489,623
                                    St. Rose Dominican Hospital, Series 1998 A,
                                      Pre-refunded 07/01/08,
                                      5.375% 07/01/26                                            55,000     56,760

NY Convention Center Operating      Yale Building Project, Series 2003, Escrowed to Maturity,
Corp.                                 (b) 06/01/08                                              700,000    663,495

RI Health & Educational Building    Hospital Financing Lifespan, Series 2002,
Corp.                                 Pre-refunded 08/15/12,
                                      6.375% 08/15/21                                           435,000    496,518

TN Shelby County Health,            Open Arms Development Centers:
Educational & Housing Facilities      Series 1992 A, Pre-refunded 08/01/07,
Board                                9.750% 08/01/19                                            375,000    407,115
                                     Series 1992 C, Pre-refunded 08/01/07,
                                     9.750% 08/01/19                                            380,000    412,543

TX Tech University                  Series 1999, Insured: AMBAC, Pre-refunded 02/15/09,
                                      5.000% 02/15/29                                         2,500,000  2,577,825

WA King County                      Series 1999, Insured: FGIC, Pre-refunded 01/01/09,
                                      5.250% 01/01/30                                         1,750,000  1,826,965
                                    --------------------------------------------------------- --------- ----------
                                    Refunded/Escrowed Total                                             19,245,970

Tobacco - 2.1%
CA Golden State Tobacco             Series 2003 A-1,
Securitization Corp.                  6.250% 06/01/33                                           750,000    841,230

CA Tobacco Securitization Authority San Diego County Tobacco, Series 2006,
                                      (b) 06/01/46                                            6,000,000    555,000

NY TSASC, Inc.                      Series 2006-1,
                                      5.125% 06/01/42                                           750,000    773,625

SC Tobacco Settlement               Series 2001 B,
Management Authority                  6.375% 05/15/28                                           400,000    434,848


See Accompanying Notes to Financial Statements.

                                                                             13




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)


                                                                                   
                                                                                   Par ($)  Value ($)
Other (continued)
Tobacco (continued)
WI Badger Tobacco Asset           Series 2002,
Securitization Corp.                6.375% 06/01/32                                 250,000    273,260
                                  ----------------------------------------------- --------- ----------
                                  Tobacco Total                                              2,877,963
Other Total                                                                                 22,896,631
Other Revenue - 2.2%
Hotels - 0.6%
MA Boston Industrial Development  Crosstown Center Hotel LLC, Series 2002, AMT,
Financing Authority                 6.500% 09/01/35                                 280,000    292,595

NJ Middlesex County Improvement   Heldrich Associates LLC, Series 2005 B,
Authority                           6.250% 01/01/37                                 500,000    520,590
                                  ----------------------------------------------- --------- ----------
                                  Hotels Total                                                 813,185

Recreation - 1.6%
CA Cabazon Band Mission Indians   Series 2004:
                                    8.375% 10/01/15(c)                              100,000    103,544
                                   8.750% 10/01/19(c)                               360,000    376,582

DC District of Columbia           Smithsonian Institute, Series 1997,
                                    5.000% 02/01/28                               1,000,000  1,020,920

NY Liberty Development Corp.      National Sports Museum, Series 2006 A,
                                    6.125% 02/15/19(c)                              250,000    260,567

OR Cow Creek Band Umpqua Tribe    Series 2006 C,
of Indians                          5.625% 10/01/26(c)                              350,000    358,820
                                  ----------------------------------------------- --------- ----------
                                  Recreation Total                                           2,120,433
Other Revenue Total                                                                          2,933,618
Resource Recovery - 3.4%
Disposal - 1.6%
FL Lee County Solid Waste Systems Series 2006 A, AMT, Insured: AMBAC
                                    5.000% 10/01/17                               1,500,000  1,625,985

OH Solid Waste                    Republic Services, Inc., Series 2004, AMT,
                                    4.250% 04/01/33                                 500,000    494,080
                                  ----------------------------------------------- --------- ----------
                                  Disposal Total                                             2,120,065

Resource Recovery - 1.8%
MA Industrial Finance Agency      Ogden Haverhill Associates, Series 1998 A, AMT,
                                    5.450% 12/01/12                               1,250,000  1,300,388

PA Delaware County Industrial     American REF-Fuel Co., Series 1997 A,
Development Authority               6.100% 07/01/13                               1,000,000  1,040,850
                                  ----------------------------------------------- --------- ----------
                                  Resource Recovery Total                                    2,341,238
Resource Recovery Total                                                                      4,461,303


                                See Accompanying Notes to Financial Statements.

14




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)


                                                                                        
                                                                                        Par ($)  Value ($)
Tax-Backed - 42.7%
Local Appropriated - 3.7%
CA Compton                         Civic Center & Capital Improvements, Series 1997 A,
                                     5.500% 09/01/15                                     500,000   515,785

CA Los Angeles County              Series 1999 A, Insured: AMBAC
                                     (b) 08/01/21                                      2,135,000 1,138,894

MN Andover Economic                Series 2004,
Development Authority                5.000% 02/01/19                                     600,000   634,746

MN Hibbing Economic Development    Series 1997,
Authority                            6.400% 02/01/12                                     335,000   335,637

MO St. Louis Industrial            St. Louis Convention Center, Series 2000,
Development Authority                Insured: AMBAC
                                     (b) 07/15/18                                        300,000   186,738

SC Berkeley County School District Series 2003,
                                     5.000% 12/01/28                                     500,000   520,665

SC Dorchester County School        Series 2004,
District No. 2                       5.250% 12/01/29                                     250,000   266,635

SC Lancaster Educational           Lancaster County School District, Series 2004,
Assistance Program                   5.000% 12/01/26                                     550,000   572,434

SC Laurens County School District  Series 2005,
No. 55                               5.250% 12/01/30                                     350,000   372,453

SC Newberry County School District Series 2005,
                                     5.000% 12/01/30                                     350,000   364,679
                                   --------------------------------------------------- --------- ---------
                                   Local Appropriated Total                                      4,908,666

Local General Obligations - 11.1%
CA Modesto High School District    Series 2002 A, Insured: FGIC
                                     (b) 08/01/19                                      1,350,000   799,294

CA Pomona Unified School District  Series 2000 A, Insured: MBIA
                                     6.450% 08/01/22                                   1,000,000 1,289,400

CA West Contra Costa Unified       Series 2001 B, Insured: MBIA
School District                      6.000% 08/01/24                                     250,000   312,170

CO Highlands Ranch Metropolitan    Series 1996, Insured: CGIC
District No. 2                       6.500% 06/15/11                                     650,000   729,476

IL Chicago                         Series 1996 A-2, Insured: AMBAC
                                     6.250% 01/01/14                                   1,480,000 1,717,303
                                   Series 1999, Insured: FGIC
                                     5.500% 01/01/23                                   1,000,000 1,185,850

IL Hoffman Estates Park District   Series 2004,
                                     5.000% 12/01/16                                     500,000   531,840


See Accompanying Notes to Financial Statements.

                                                                             15




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)


                                                                    
                                                                    Par ($)  Value ($)
Tax-Backed (continued)
Local General Obligations (continued)
IL St. Clair County                Series 1997 B, Insured: FGIC
                                     (b) 12/01/13                  2,000,000  1,530,220
                                   Series 1999, Insured: FGIC
                                     (b) 10/01/16                  2,000,000  1,349,760

IL Will County School District     Series 2001, Insured: AMBAC
No. 17                               8.500% 12/01/15               1,400,000  1,908,256

MI St. John's Public School        Series 1998, Insured: FGIC
                                     5.100% 05/01/25               1,000,000  1,148,040

NY New York City                   Series 2003 J,
                                     5.500% 06/01/18                 500,000    547,965

OH Kenston Local School District   Series 2003, Insured: MBIA
                                     5.000% 12/01/23               1,000,000  1,063,830

TX Dallas County Flood Control     Series 2002,
District                             7.250% 04/01/32                 500,000    536,885
                                   ------------------------------- --------- ----------
                                   Local General Obligations Total           14,650,289

Special Non-Property Tax - 7.1%
FL Tampa Sports Authority          Series 1995, Insured: MBIA
                                     5.750% 10/01/25               1,000,000  1,229,630

IL Bolingbrook                     Series 2005,
                                     (e) 01/01/24
                                     (6.250% 01/01/08)               250,000    245,558

KS Wyandotte County                Series 2005 B,
                                     5.000% 12/01/20                 100,000    104,799

NJ Economic Development            Series 2004,
Authority                            5.750% 06/15/29                 500,000    546,365

NM Dona Ana County                 Series 1998, Insured: AMBAC
                                     5.500% 06/01/15               1,000,000  1,135,130

NY Local Government Assistance     Series 1993 E,
Corp.                                5.000% 04/01/21               3,000,000  3,337,260

NY New York City Transitional      Series 1998 A,
Finance Authority                    5.000% 11/15/26               1,960,000  2,069,348

PR Commonwealth of Puerto Rico     Series 2006 B,
Infrastructure Financing Authority   5.000% 07/01/26                 750,000    798,142
                                   ------------------------------- --------- ----------
                                   Special Non-Property Tax Total             9,466,232

Special Property Tax - 5.6%
CA Huntington Beach Community      Series 2001-1,
Facilities District                  6.450% 09/01/31                 300,000    324,615

CA Lincoln Community Facilities    Series 2004,
District No. 2003-1                  5.550% 09/01/18                 455,000    472,640


                                See Accompanying Notes to Financial Statements.

16




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)


                                                                           
                                                                           Par ($)  Value ($)
Tax-Backed (continued)
Special Property Tax (continued)
CA Oakdale Public Financing          Series 2004,
Authority                              5.375% 06/01/33                      500,000   529,880

FL Celebration Community             Series 2003 A,
Development District                   6.400% 05/01/34                      240,000   257,174

FL Double Branch Community           Series 2002 A,
Development District                   6.700% 05/01/34                      325,000   359,326

FL Seven Oaks Community              Series 2004 A,
Development District II                5.875% 05/01/35                      495,000   514,473
                                     Series 2004 B,
                                       5.000% 05/01/09                      180,000   180,634

FL West Villages Improvement         Series 2006,
District                               5.500% 05/01/37                      500,000   508,660

FL Westridge Community               Series 2005,
Development District                   5.800% 05/01/37                      500,000   516,900

GA Atlanta                           Series 2005 A, AMT,
                                       5.625% 01/01/16                      400,000   415,612

IL Chicago                           Pilsen Redevelopment, Series 2004 B,
                                       6.750% 06/01/22                      610,000   666,108

IL Du Page County Special Service    Series 2006,
Area No. 31                            5.400% 03/01/16                      250,000   260,153

IL Lincolnshire Special Services     Sedgebrook, Series 2004,
Area No. 1                             6.250% 03/01/34                      225,000   239,983

IL Plano Special Service Area No. 4  Series 2005-5B,
                                       6.000% 03/01/35                      750,000   760,665

IL Volo Village Special Service Area Series 2006-1,
No. 3                                  6.000% 03/01/36                      250,000   257,818

IN Portage                           Series 2006,
                                       5.000% 01/15/27                      105,000   107,984

MO Fenton                            Series 2006,
                                       4.500% 04/01/21                      500,000   508,775

MO Riverside                         Series 2004,
                                       5.250% 05/01/20                      500,000   521,390
                                     ------------------------------------ --------- ---------
                                     Special Property Tax Total                     7,402,790
State Appropriated - 11.6%
AZ Game & Fish Department &          Series 2006,
Commission                             5.000% 07/01/26                      900,000   956,304

IN Office Building Commission        Series 1995 B, Insured: AMBAC
                                       6.250% 07/01/16                    2,820,000 3,326,754


See Accompanying Notes to Financial Statements.

                                                                             17




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)


                                                                                      
                                                                                      Par ($)  Value ($)
Tax-Backed (continued)
State Appropriated (continued)
KY Property & Buildings            Series 2001,
Commission                           5.500% 11/01/14                                   455,000    493,475

NY Dormitory Authority             Series 1993 A,
                                     5.750% 07/01/18                                 5,000,000  5,742,000
                                   Series 2000 C, Insured: FSA
                                     5.750% 05/15/17                                 1,000,000  1,173,870

NY Urban Development Corp.         Series 1995,
                                     5.600% 04/01/15                                 1,000,000  1,113,380

UT Building Ownership Authority    Series 1998, Insured: FSA
                                     5.500% 05/15/19                                 1,750,000  2,029,825

WV Building Commission             Series 1998 A, Insured: AMBAC
                                     5.375% 07/01/18                                   500,000    566,710
                                   ------------------------------------------------- --------- ----------
                                   State Appropriated Total                                    15,402,318
State General Obligations - 3.6%
CA State                           Series 1995,
                                     5.750% 03/01/19                                    70,000     70,325

MA State                           Series 1998 C,
                                     5.250% 08/01/17                                 1,000,000  1,128,780

PR Commonwealth of Puerto Rico
Aqueduct & Sewer Authority         Series 1995, Insured: MBIA:
                                    6.250% 07/01/12                                  1,000,000  1,138,940
                                    6.250% 07/01/13                                    750,000    869,880

PR Commonwealth of Puerto Rico     Series 2001, Insured: FSA
                                     5.500% 07/01/17                                 1,000,000  1,155,500
                                   Series 2004 A,
                                     5.000% 07/01/30                                   415,000    438,555
                                   ------------------------------------------------- --------- ----------
                                   State General Obligations Total                              4,801,980
Tax-Backed Total                                                                               56,632,275
Transportation - 8.5%
Air Transportation - 2.3%
IN Indianapolis Airport Authority  Series 2004, AMT, GTY AGMT: Federal Express Corp.
                                     5.100% 01/15/17                                   250,000    266,435

NC Charlotte/Douglas International US Airways, Inc., Series 2000, AMT,
Airport                              7.750% 02/01/28                                   500,000    540,565

NJ Economic Development            Continental Airlines, Inc., Series 1999, AMT,
Authority                            6.250% 09/15/19                                   500,000    518,490

NY New York City Industrial        Terminal One Group Association, Series 2005, AMT,
Development Agency                   5.500% 01/01/21                                   250,000    274,527


                                See Accompanying Notes to Financial Statements.

18




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)


                                                                                            
                                                                                            Par ($)  Value ($)
Transportation (continued)
Air Transportation (continued)
NY Port Authority of New York &      JFK International Air Terminal LLC, Series 1997, AMT,
New Jersey                             Insured: MBIA
                                       6.250% 12/01/08                                     1,000,000  1,049,380

TX Houston Industrial Development    United Parcel Service, Series 2002, AMT,
Corp.                                  6.000% 03/01/23                                       365,000    388,572
                                     ----------------------------------------------------- --------- ----------
                                     Air Transportation Total                                         3,037,969

Airports - 1.6%
MA Port Authority                    Series 1994 C,
                                       Insured: FGIC
                                       5.750% 07/01/29(f)                                  2,000,000  2,146,640
                                     ----------------------------------------------------- --------- ----------
                                     Airports Total                                                   2,146,640

Toll Facilities - 2.2%
CA Foothill/Eastern Transportation   Series 1995 A,
Corridor Agency                        5.000% 01/01/35(g)                                  1,000,000  1,004,890

CA San Joaquin Hills Transportation  Series 1997 A, Insured: MBIA
Corridor Agency                        (b) 01/15/15                                        2,000,000  1,462,340

CO Northwest Parkway Public          Series 2001 D,
Highway Authority                      7.125% 06/15/41                                       500,000    523,530
                                     ----------------------------------------------------- --------- ----------
                                     Toll Facilities Total                                            2,990,760

Transportation - 2.4%
IL Regional Transportation Authority Series 1994 C, Insured: FGIC
                                       7.750% 06/01/20                                     1,000,000  1,394,730

NV Department of Business &          Las Vegas Monorail Co., Series 2000:
Industry                               7.375% 01/01/30                                       250,000    256,513
                                      7.375% 01/01/40                                        250,000    255,975

OH Toledo-Lucas County Port          Series 1992,
Authority                              6.450% 12/15/21                                     1,000,000  1,228,780
                                     ----------------------------------------------------- --------- ----------
                                     Transportation Total                                             3,135,998
Transportation Total                                                                                 11,311,367
Utilities - 15.3%
Independent Power Producers - 1.5%
NY Suffolk County Industrial         Nissequogue Cogeneration Partners Facilities,
Development Agency                     Series 1998, AMT,
                                       5.500% 01/01/23                                       550,000    550,385

OR Western Generation Agency         Series 2006 B, AMT,
                                       5.000% 01/01/16                                       500,000    515,520

PA Carbon County Industrial          Panther Creek Partners, Series 2000, AMT,
Development Authority                  6.650% 05/01/10                                       110,000    115,569

PA Economic Development              Series 2005, AMT,
Financing Authority                    5.125% 12/01/15                                       425,000    426,828


See Accompanying Notes to Financial Statements.

                                                                             19




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)



                                                                                         
                                                                                         Par ($)  Value ($)
Utilities (continued)
Independent Power Producers (continued)
PR Commonwealth of Puerto Rico
Industrial, Tourist, Educational,
Medical & Environmental           AES Project, Series 2000, AMT,
Cogeneration Facilities             6.625% 06/01/26                                       320,000   348,541
                                  ----------------------------------------------------- --------- ---------
                                  Independent Power Producers Total                               1,956,843

Investor Owned - 10.9%
CA Chula Vista Industrial         San Diego Gas & Electric Co., Series 1996 B, AMT,
Development Authority               5.500% 12/01/21                                       625,000   691,969

FL Polk County Industrial         Tampa Electric Co., Series 1996, AMT,
Development Authority               5.850% 12/01/30                                       500,000   510,405

IN Petersburg                     Indianapolis Power & Light Co., Series 1993 B,
                                    Insured: MBIA
                                    5.400% 08/01/17                                     2,500,000 2,817,150

MI Strategic Fund                 Detroit Edison Co., Series 1998 A, AMT, Insured: MBIA
                                    5.550% 09/01/29                                     3,000,000 3,177,300

MS Business Finance Corp.         Systems Energy Resources, Inc., Series 1998,
                                    5.875% 04/01/22                                     1,000,000 1,003,340

MT Forsyth                        Northwestern Corp., Series 2006, Insured: AMBAC
                                    4.650% 08/01/23                                       500,000   515,855
                                  Portland General, Series 1998 A,
                                    5.200% 05/01/33                                       150,000   153,759

NH Business Finance Authority     Public Service Co., Series 2006 B, AMT, Insured: MBIA
                                    4.750% 05/01/21                                       250,000   258,520

NV Clark County Industrial
Development Authority             Nevada Power Co.:
                                   Series 1995 B, AMT,
                                   5.900% 10/01/30                                        250,000   250,767
                                   Series 1997 A, AMT,
                                   5.900% 11/01/32                                        250,000   250,648

OH Air Quality Development        Cleveland Electric Illuminating Co., Series 2002 A,
Authority                           6.000% 12/01/13                                       650,000   668,050

PA Economic Development           Reliant Energy, Inc., Series 2001 A, AMT,
Financing Authority                 6.750% 12/01/36                                       200,000   217,410

TX Brazos River Authority         TXU Energy Co., LLC:
                                    Series 1999, AMT,
                                    7.700% 04/01/33                                       250,000   292,902
                                   Series 2001 C, AMT,
                                   5.750% 05/01/36                                        100,000   106,492
                                   Series 2003 C, AMT,
                                   6.750% 10/01/38                                        270,000   305,084


                                See Accompanying Notes to Financial Statements.

20




Colonial Investment Grade Municipal Trust
November 30, 2006

Municipal Bonds (continued)



                                                                                
                                                                                Par ($)   Value ($)
Utilities (continued)
Investor Owned (continued)
TX Matagorda County Navigation    Centerpoint Energy, Inc., Series 1997, AMT,
District No. 1                      Insured: AMBAC
                                    5.125% 11/01/28                            2,000,000   2,266,400

WY Campbell County                Black Hills Power, Inc., Series 2004,
                                    5.350% 10/01/24                              500,000     527,585

WY Converse County                PacifiCorp, Series 1988,
                                    3.900% 01/01/14                              500,000     488,750
                                  -------------------------------------------- --------- -----------
                                  Investor Owned Total                                    14,502,386

Joint Power Authority - 2.8%
MA Municipal Wholesale Electric   Series 2001 6-A, Insured: MBIA
Co.                                 5.250% 07/01/14                            1,000,000   1,084,130

NC Eastern Municipal Power        Series 2003 F,
Agency                              5.500% 01/01/16                              285,000     307,561

NC Municipal Power Agency         Catawba Electric No. 1:
                                    Series 1998 A, Insured: MBIA
                                    5.500% 01/01/15                              640,000     721,286
                                   Series 2003 A, Insured: MBIA
                                   5.250% 01/01/18                             1,500,000   1,623,075
                                  -------------------------------------------- --------- -----------
                                  Joint Power Authority Total                              3,736,052

Water & Sewer - 0.1%
MS V Lakes Utility District       Series 1994,
                                    8.250% 07/15/24(h)                           135,000     105,026
                                  -------------------------------------------- --------- -----------
                                  Water & Sewer Total                                        105,026
Utilities Total                                                                           20,300,307
                                  Total Municipal Bonds (Cost of $177,725,748)           189,099,752
Municipal Preferred Stocks - 2.0%
Housing - 2.0%
Multi-Family - 2.0%
Charter Mac Equity Issuer Trust   AMT,
                                    6.300% 04/30/19(c)                           500,000     565,315
                                  Series 2000, AMT,
                                    7.600% 11/30/10(c)                           500,000     555,465

GMAC Municipal Mortgage Trust     AMT,
                                    5.600% 10/31/39(c)                           500,000     539,835

Munimae TE Bond Subsidiary LLC    Series 2005 C-3, AMT,
                                    5.500% 11/29/49(c)                         1,000,000   1,057,910
                                  -------------------------------------------- --------- -----------
                                  Multi-Family Total                                       2,718,525
Housing Total                                                                              2,718,525
                                  Total Municipal Preferred Stocks
                                   (Cost of $2,500,000)                                    2,718,525


See Accompanying Notes to Financial Statements.

                                                                             21




Colonial Investment Grade Municipal Trust
November 30, 2006



                                                                               
                                                                                Shares   Value ($)
Investment Company - 0.0%
                              Dreyfus Tax-Exempt Cash Management Fund               965         965
                              ------------------------------------------------- ------- -----------
                              Total Investment Company (Cost of $965)                           965
                                                                                Par ($)
Short-Term Obligations - 0.8%
Variable Rate Demand Notes (i) - 0.8%
FL Orange County School Board Series 2002 B, Insured: MBIA,
                                SPA: SunTrust Bank N.A.
                                3.570% 08/01/27                                 300,000     300,000

MS Jackson County Pollution   Chevron Corp., Series 1993,
Control                         3.570% 06/01/23                                 500,000     500,000

SD Lawrence County            Homestake Mining Co., Series 1997 B,
                                LOC: Chase Manhattan Bank
                                3.550% 07/01/32                                 200,000     200,000
                              ------------------------------------------------- ------- -----------
                              Variable Rate Demand Notes Total                            1,000,000

                              ------------------------------------------------- ------- -----------
                              Total Short-Term Obligations (Cost of $1,000,000)           1,000,000

                              ------------------------------------------------- ------- -----------
                              Total Investments - 145.3%
                               (Cost of $181,226,713)(j)                                192,819,242

                              ------------------------------------------------- ------- -----------
                              Auction Preferred Shares Plus Cumulative
                               Unpaid Distributions - (45.2)%                           (60,016,025)

                              ------------------------------------------------- ------- -----------
                              Other Assets & Liabilities, Net - (0.1)%                     (140,215)

                              ------------------------------------------------- ------- -----------
                              Net Assets - 100.0%                                       132,663,002


                              Notes to Investment Portfolio:
                           (a)Security purchased on a delayed delivery basis.
                           (b)Zero coupon bond.
                           (c)Security exempt from registration pursuant to
                              Rule 144A under the Securities Act of 1933. These
                              securities may be resold in transactions exempt
                              from registration, normally to qualified
                              institutional buyers. At November 30, 2006, these
                              securities, which did not include any illiquid
                              securities except the following, amounted to
                              $4,045,401, which represents 3.0% of net assets.


                                                         Acquisition
Security                                                 Date        Par/Unit Cost     Value
--------                                                 ----------- -------- ----     -----
                                                                           
Resolution Trust Corp. Pass-Through Certificates, Series
 1993 A, 8.500% 12/01/16                                 08/27/93    $227,741 $232,276 $227,363

                           (d)The Trust 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.
                           (e)Step bond. This security is currently not paying
                              coupon. Shown parenthetically is the next
                              interest rate to be paid and the date the Trust
                              will begin accruing at this rate.
                           (f)Security represents the underlying bond
                              transferred to a special purpose entity
                              established in a floating rate note transaction
                              in which the Trust acquired the residual
                              interest. This security serves as collateral in
                              the transaction.
                           (g)A portion of this security with a market value of
                              $964,694 is pledged as collateral for open
                              futures contracts.
                           (h)The issuer is in default of certain debt
                              covenants. Income is not being accrued. At
                              November 30, 2006, the value of this security
                              represents 0.1% of net assets.
                           (i)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 at
                              November 30, 2006.
                           (j)Cost for federal income tax purposes is
                              $180,891,119.

                              At November 30, 2006, the Trust held the
                              following open short futures contract:


                      Number of            Aggregate  Expiration Unrealized
  Type                Contracts Value      Face Value Date       Depreciation
  ----                --------- -----      ---------- ---------- ------------
                                                  
  U.S. Treasury Bonds 35        $4,003,125 $3,978,128  Mar-2007  $(24,997)


                                See Accompanying Notes to Financial Statements.

22




Colonial Investment Grade Municipal Trust
November 30, 2006



                              At November 30, 2006, the Trust held the
                              following forward swap contract:


                Effective Expiration Counter-   Receive Fixed  Variable Unrealized
Notional Amount Date      Date       party      (Pay)   Rate   Rate     Depreciation
--------------- --------- ---------- --------   ------- -----  -------- ------------
                                                   
                                       JPMorgan                  BMA
$9,000,000      02/03/07  02/03/27   Chase Bank  (Pay)  3.857% Index    $(83,954)


                              At November 30, 2006, the composition of the
                              Trust by revenue source is as follows:


        Holding by Revenue Source (Unaudited)           % of Net Assets
        -------------------------------------           ---------------
                                                     
        Tax-Backed                                       42.7%
        Health Care                                      30.1
        Other                                            17.2
        Housing                                          15.6
        Utilities                                        15.3
        Transportation                                    8.5
        Education                                         6.0
        Industrials                                       3.5
        Resource Recovery                                 3.4
        Other Revenue                                     2.2
                                                        -----
                                                        144.5
        Investment Company                                0.0*
        Auction Preferred Shares Plus Cumulative Unpaid
         Distributions                                  (45.2)
        Short-Term Obligations                            0.8
        Other Assets & Liabilities, Net                  (0.1)
                                                        -----
                                                        100.0%
                                                        -----

                            * Rounds to less than 0.1%



               Acronym  Name
               -------  ----
                     
               AMBAC    Ambac Assurance Corp.
               AMT      Alternative Minimum Tax
               CGIC     Capital Guaranty Insurance Corp.
               FGIC     Financial Guaranty Insurance Co.
               FHA      Federal Housing Administration
               FHLMC    Federal Home Loan Mortgage Corp.
               FNMA     Federal National Mortgage Association
               FSA      Financial Security Assurance, Inc.
               GNMA     Government National Mortgage Association
               GTY AGMT Guaranty Agreement
               LOC      Letter of Credit
               MBIA     MBIA Insurance Corp.
               QSBLF    Qualified State Bond Loan Fund
               RAD      Radian Asset Assurance, Inc.
               SPA      Stand-by Purchase Agreement


See Accompanying Notes to Financial Statements.

                                                                             23




Statement of Assets and Liabilities - Colonial Investment Grade Municipal Trust

November 30, 2006



                                                                                                         ($)
                                                                                               
Assets                      Investments, at cost                                                     181,226,713
                                                                                                     -----------
                            Investments, at value                                                    192,819,242
                            Cash                                                                          95,494
                            Receivable for interest                                                    2,911,730
                            Deferred Trustees' compensation plan                                          18,778
                            ------------------------------------------------------------------------ -----------
                            Total Assets                                                             195,845,244

Liabilities                 Net unrealized depreciation on swap contracts                                 83,954
                            Payable for:
                             Investments purchased on a delayed delivery basis                         1,286,703
                             Futures variation margin                                                     24,017
                             Distributions--common shares                                                540,923
                             Distributions--preferred shares                                              16,025
                             Interest expense and fees payable                                            16,109
                             Payable for floating rate notes                                           1,008,780
                             Investment advisory fee                                                      96,579
                             Pricing and bookkeeping fees                                                  8,330
                             Trustees' fees                                                                  872
                             Custody fee                                                                     585
                             Audit fee                                                                    30,600
                             Preferred shares remarketing commissions                                      1,234
                             Reports to shareholders                                                      41,989
                             Chief compliance officer expenses                                               684
                            Deferred Trustees' fees                                                       18,778
                            Other liabilities                                                              6,080
                            ------------------------------------------------------------------------ -----------
                            Total Liabilities                                                          3,182,242

                            ------------------------------------------------------------------------ -----------

Auction Preferred Shares    2,400 shares issued and outstanding at $25,000 per share                  60,000,000

                            ------------------------------------------------------------------------ -----------

Composition of Net Assets
Applicable to Common Shares Paid-in capital-common shares                                            126,993,093
                            Undistributed net investment income                                          370,840
                            Accumulated net realized loss                                             (6,184,509)
                            Net unrealized appreciation (depreciation) on:
                             Investments                                                              11,592,529
                             Swap contracts                                                              (83,954)
                             Futures contracts                                                           (24,997)
                            ------------------------------------------------------------------------ -----------
                            Net assets at value applicable to 11,509,000 common shares of beneficial
                             interest outstanding                                                    132,663,002

                            ------------------------------------------------------------------------ -----------

                            Net asset value per common share                                               11.53


                                See Accompanying Notes to Financial Statements.

24


                                          
                           Total Liabilities 2,157,353





Statement of Operations - Colonial Investment Grade Municipal Trust

For the Year Ended November 30, 2006



                                                                                                  ($)
                                                                                        
Investment Income                Interest                                                     10,408,194
                                 Dividends                                                           767
                                 ------------------------------------------------------------ ----------
                                 Total Investment Income                                      10,408,961

Expenses                         Investment advisory fee                                       1,230,988
                                 Transfer agent fee                                               44,892
                                 Pricing and bookkeeping fees                                     85,749
                                 Trustees' fees                                                   17,255
                                 Preferred shares remarketing commissions                        150,171
                                 Custody fee                                                       8,448
                                 Chief compliance officer expenses                                 4,303
                                 Other expenses                                                  190,541
                                 ------------------------------------------------------------ ----------
                                 Total Operating Expenses                                      1,732,347
                                 Interest expenses and fees                                       37,288
                                 ------------------------------------------------------------ ----------
                                 Total Expenses                                                1,769,635
                                 Fees and expenses waived or reimbursed by Investment Advisor    (37,875)
                                 Custody earnings credit                                          (2,048)
                                 ------------------------------------------------------------ ----------
                                 Net Expenses                                                  1,729,712

                                 ------------------------------------------------------------ ----------
                                 Net Investment Income                                         8,679,249

Net Realized and Unrealized Gain
(Loss) on Investments, Swap
Contracts and Futures Contracts  Net realized gain (loss) on:
                                  Investments                                                   (306,032)
                                  Futures contracts                                              284,831
                                 ------------------------------------------------------------ ----------
                                 Net realized loss                                               (21,201)

                                 Net change in unrealized appreciation (depreciation) on:
                                  Investments                                                  4,402,224
                                  Swap contracts                                                 (83,954)
                                  Futures contracts                                              (29,282)
                                 ------------------------------------------------------------ ----------
                                  Net change in unrealized appreciation (depreciation)         4,288,988
                                 ------------------------------------------------------------ ----------
                                 Net Gain                                                      4,267,787

                                 ------------------------------------------------------------ ----------
                                 Net Increase Resulting from Operations                       12,947,036

Less Distributions Declared to
Preferred Shareholders           From net investment income                                   (2,010,998)
                                 ------------------------------------------------------------ ----------
                                 Net Increase Resulting from Operations Applicable to
                                  Common Shares                                               10,936,038


See Accompanying Notes to Financial Statements.

                                                                             25




Statement of Changes in Net Assets - Colonial Investment Grade Municipal Trust




                                                                                          Year Ended November 30,
Increase (Decrease) in Net Assets                                                         2006($)      2005($)
                                                                                              
Operations                        Net investment income                                     8,679,249    8,608,973
                                  Net realized gain (loss) on investments and futures
                                    contracts                                                 (21,201)   1,361,892
                                  Net change in unrealized appreciation (depreciation) on
                                    investments, swap contracts and futures contracts       4,288,988     (830,789)
                                  ------------------------------------------------------- -----------  -----------
                                  Net Increase Resulting from Operations                   12,947,036    9,140,076

Less Distributions Declared to
Preferred Shareholders            From net investment income                               (2,010,998)  (1,333,536)
                                  ------------------------------------------------------- -----------  -----------
                                  Increase Resulting from Operations Applicable to
                                    Common Shares                                          10,936,038    7,806,540

Less Distributions Declared to
Common Shareholders               From net investment income                               (6,675,221)  (7,561,413)

                                  ------------------------------------------------------- -----------  -----------
                                  Net Increase in Net Assets Applicable to
                                   Common Shares                                            4,260,817      245,127

Net Assets Applicable to Common
Shares                            Beginning of period                                     128,402,185  128,157,058
                                  End of period (including undistributed net investment
                                    income of $370,840 and $381,969, respectively)        132,663,002  128,402,185
                                  ------------------------------------------------------- -----------  -----------


Number of Trust Shares            Common Shares:
                                   Outstanding at end of period                            11,509,000   11,509,000
                                  ------------------------------------------------------- -----------  -----------

                                  Preferred Shares:
                                   Outstanding at end of period                                 2,400        2,400
                                  ------------------------------------------------------- -----------  -----------


                                See Accompanying Notes to Financial Statements.

26




Financial Highlights - Colonial Investment Grade Municipal Trust

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



                                                                                       Year Ended November 30,
                                                                       ------------------------------------------------------
                                                                       2006         2005         2004      2003      2002
-------------------------------------------------------------------------------------------------------------------------------
                                                                                                      
Net Asset Value, Beginning of Period                                   $  11.16     $  11.14     $  11.47  $  11.04  $  11.06

Income from Investment Operations:
Net investment income (a)                                                  0.75         0.75         0.74      0.74      0.78
Net realized and unrealized gain (loss) on investments, swap contracts
  and futures contracts                                                    0.37         0.05        (0.33)     0.42     (0.05)
                                                                       --------     --------     --------  --------  --------
Total from Investment Operations                                           1.12         0.80         0.41      1.16      0.73

Less Common Share Equivalent of Distributions Declared to Preferred
 Shareholders:
From net investment income                                                (0.17)       (0.12)       (0.06)    (0.05)    (0.08)
                                                                       --------     --------     --------  --------  --------
Total from Investment Operations Applicable to Common Shareholders         0.95         0.68         0.35      1.11      0.65

Less Distributions Declared to Common Shareholders:
From net investment income                                                (0.58)       (0.66)       (0.68)    (0.68)    (0.67)
                                                                       --------     --------     --------  --------  --------

Net Asset Value, End of Period                                         $  11.53     $  11.16     $  11.14  $  11.47  $  11.04
                                                                       --------     --------     --------  --------  --------
Market price per share-common shares                                   $  10.73     $  10.40     $  10.01  $  10.63  $  10.09
                                                                       --------     --------     --------  --------  --------
Total return-based on market value-common shares (b)                       8.96%       10.68%        0.64%    12.48%    (1.10)%

Ratios to Average Net Assets/Supplemental Data:
Net operating expenses (c)(d)                                              1.31%        1.30%        1.29%     1.31%     1.28%
Interest and fee expense (d)                                               0.03%(e)       --           --        --        --
Net expenses (c)(d)                                                        1.34%        1.30%        1.29%     1.31%     1.28%
Net investment income before preferred stock dividend (c)(d)               6.71%        6.64%        6.55%     6.57%     7.06%
Net investment income after preferred stock dividend (c)(d)                5.15%        5.61%        6.06%     6.12%     6.38%
Waiver/reimbursement (d)                                                   0.03%          --%(f)       --        --        --
Portfolio turnover rate                                                      34%          16%          15%       13%       10%
Net assets, end of period (000's)-common shares                        $132,663     $128,402     $128,157  $131,966  $127,050


(a)Per share data was calculated using the average shares outstanding during
   the period.
(b)Total return at market value assuming all distributions reinvested at prices
   calculated in accordance with the Dividend Reinvestment Plan.
(c)The benefits derived from custody credits had an impact of less than 0.01%.
(d)Ratios reflect average net assets available to common shares only.
(e)Interest and fee expense relates to the liability for Floating-Rate Notes
   issued in conjunction with Inverse Floater Securities transactions.
(f)Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

                                                                             27




Asset Coverage Requirements - Colonial Investment Grade Municipal Trust




                                             Involuntary
                      Total       Asset      Liquidating Average
                      Amount      Coverage   Preference  Market Value
                      Outstanding Per Share* Per Share   Per Share
           ----------------------------------------------------------
                                             
           11/30/06   $60,000,000 $80,276    $25,007     $25,000
           11/30/05    60,000,000  78,501     25,004      25,000
           11/30/04    60,000,000  78,399     25,001      25,000
           11/30/03    60,000,000  79,986     25,004      25,000
           11/30/02    60,000,000  77,937     25,000      25,000
           11/30/01    60,000,000  78,030     25,005      25,000
           11/30/00    60,000,000  75,569     25,009      25,000
           11/30/99**  60,000,000  74,444     25,003      25,000


*  Calculated by subtracting the Trust's total liabilities from the Trust's
   total assets and dividing the amount by the number of Auction Preferred
   Shares outstanding.
** On August 26, 1999, the Trust began offering Auction Preferred Shares.


28




Notes to Financial Statements - Colonial Investment Grade Municipal Trust

November 30, 2006

Note 1. Organization
Colonial Investment Grade Municipal Trust (the "Trust") is a Massachusetts
business trust registered under the Investment Company Act of 1940 (the "Act"),
as amended, as a diversified, closed-end management investment company.

Investment Goal
The Trust seeks as high a level of after-tax return as is consistent with
prudent risk, by pursuing current income generally exempt from ordinary federal
income tax and opportunities for long-term appreciation from a portfolio
primarily invested in investment grade municipal bonds.

Trust Shares
The Trust may issue an unlimited number of common shares. On August 26, 1999,
the Trust issued 2,400 Auction Preferred Shares ("APS").

Note 2. Significant Accounting Policies

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 Trust in the preparation of its financial
statements.

Security Valuation
Debt securities generally are valued by pricing services approved by the
Trust'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.

Investments in open-end investment companies are valued at net asset 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 that have
quotations which management believes are not reliable, 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. If a security is
valued at a "fair value", such value is likely to be different from the last
quoted market price for the security.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair
Value Measurements ("SFAS 157"), was issued. SFAS 157 is effective for fiscal
years beginning after November 15, 2007. SFAS 157 defines fair value,
establishes a framework for measuring fair value and expands disclosures about
fair value measurements. Management has recently begun to evaluate the impact
the application of SFAS 157 will have on the Trust's financial statement
disclosures.

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.

Floating Rate Notes Issued in Conjunction with Securities Held
The Trust may sell a fixed-rate bond ("Fixed-Rate Bond") to a broker, who
deposits the Fixed-Rate Bond into a special-purpose entity, from which are
issued floating-rate notes ("Floating-Rate Notes") that are sold to third
parties. The Floating-Rate Notes have interest rates that reset weekly and
Floating-Rate Note holders have the option to tender their

                                                                             29




Colonial Investment Grade Municipal Trust

November 30, 2006

notes to the broker at par at each reset date. A residual certificate (an
"Inverse Floater"), which pays interest equal to the difference between the
Fixed-Rate Bond and the Floating-Rate Notes, is also issued by the
special-purpose entity. The Inverse Floater also gives the holder the right to
cause the Floating-Rate Note to be called at par and to require transfer of the
Fixed-Rate Bond to the holder of the Inverse Floater, thereby liquidating the
special-purpose entity. In certain
transactions, the Trust ultimately receives the Inverse Floater plus cash
equivalent to the proceeds raised from the issuance of the Floating-Rate Notes
in exchange for the Fixed-Rate Bonds.

Although the Trust physically holds the Inverse Floater, because of its
unilateral right to cause the liquidation of the special-purpose entity and
recover the Fixed-Rate Bond it originally sold to the broker, the Trust
accounts for this transaction as a secured borrowing pursuant to Statement of
Financial Accounting Standards No. 140, Accounting for Transfers and Servicing
of Financial Assets and Extinguishments of Liabilities, by including the
Fixed-Rate Bond in its Portfolio of Investments, and recognizing the
Floating-Rate Notes as a liability on its Statement of Assets and Liabilities.

Futures Contracts
The Trust may invest in futures contracts 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 Trust 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, LLC of the future direction of interest rates. Any of these risks may
involve amounts exceeding the variation margin recorded in the Trust's
Statement of Assets and Liabilities at any given time.

Upon entering into a futures contract, the Trust 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 Trust 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 Trust recognizes a
realized gain or loss when the contract is closed or expires.

Delayed Delivery Securities
The Trust 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
Trust to subsequently invest at less advantageous prices. The Trust identifies
cash or liquid portfolio securities as segregated with the custodian in an
amount equal to the delayed delivery commitment.

Swap Contracts
The Trust may engage in swap transactions such as interest rate and forward
swaps, consistent with its investment objective and policies to obtain a
desired return at a lower cost than if the Trust had invested directly in the
asset that yielded the desired return. Swaps involve the exchange by the Trust
with another party of their respective commitments to pay or receive interest
or total return throughout the lives of the agreements. The interest to be paid
or received on swaps is included in net realized gain/(loss) on investments.
Unrealized gains are reported as an asset and unrealized losses are reported as
a liability on the Statement of Assets and Liabilities. A realized gain or loss
is recorded upon termination of swap agreements and is equal to the difference
between the Trust's basis in the swap and the proceeds from (or cost of) the
closing transaction. Swap agreements are stated at fair value. Notional
principal amounts are used to express the extent of involvement in these
transactions, but the amounts potentially subject to credit risk are much
smaller.

If there is a default by the counterparty to a swap contract, the Trust will be
limited to contractual remedies pursuant to the agreements related to the
transaction. There is no assurance that the swap contract counterparties will
be able to meet their obligations pursuant to the swap contracts or that, in
the event of default, the Trust will succeed in pursuing contractual remedies.
The Trust thus assumes the risk that it may be delayed in or prevented from
obtaining payments owed to it pursuant to the swap contracts.

30




Colonial Investment Grade Municipal Trust

November 30, 2006


The use of derivative instruments involves, to varying degrees, elements of
market risk in excess of the amount recognized in the Statement of Assets and
Liabilities.

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. Dividend income is recorded on ex-date.

Federal Income Tax Status
The Trust 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 taxable income, if any, for its tax year,
and as such will not be subject to federal income taxes. In addition, the Trust
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 Trust 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, 2006, was
3.25%. For the year ended November 30, 2006, the Trust declared dividends to
Auction Preferred shareholders amounting to $2,010,998, representing an average
dividend rate of 3.35% per APS.

Indemnification
In the normal course of business, the Trust enters into contracts that contain
a variety of representations and warranties and which provide general
indemnities. The Trust's maximum exposure under these arrangements is unknown,
as this would involve future claims against the Trust. Also, under the Trust's
organizational documents and by contract, the Trustees and Officers of the
Trust are indemnified against certain liabilities that may arise out of their
duties to the Trust. However, based on experience, the Trust expects the risk
of loss due to these warranties and indemnities to be minimal.

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 Trust'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, 2006, 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 Trust's net assets as
follows:



            Undistributed         Accumulated
            Net Investment Income Net Realized Loss Paid-In Capital
                                              
                  $(4,159)             $4,158             $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,
2006 and November 30, 2005 was as follows:



                                          November 30,
                                      2006       2005
                    Distributions paid from:
                                           
                    Tax-Exempt Income $8,656,146 $8,894,949
                    Ordinary Income *     30,073         --
                    Long-Term Capital
                     Gains                    --         --

*For tax purposes short-term capital gains distributions, if any, are
 considered ordinary income distributions.

As of November 30, 2006, the components of distributable earnings on a tax
basis were as follows:



                   Undistributed Undistributed
                   Tax-Exempt    Long-term     Net Unrealized
                   Income        Capital Gains Appreciation*
                                         
                     $618,639         $--       $11,928,123

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


                                                                             31




Colonial Investment Grade Municipal Trust

November 30, 2006

Unrealized appreciation and depreciation at November 30, 2006, based on cost of
investments for federal income tax purposes, was:



                                             
                    Unrealized appreciation     $15,868,315
                    Unrealized depreciation      (3,940,192)
                    Net unrealized appreciation $11,928,123


The following capital loss carryforwards, determined as of November 30, 2006,
may be available to reduce taxable income arising from future net realized
gains on investments, if any, to the extent permitted by the Internal Revenue
Code:



                  Year of Expiration Capital Loss Carryforward
                                  
                  2008                      $  107,459
                  2010                       1,238,884
                  Total                     $1,346,343


Capital loss carryforwards of $436,281 were utilized during the year ended
November 30, 2006 for the Trust.

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, 2006, post-October capital losses of $526,181
attributed to security transactions were deferred to December 1, 2006.

In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48, Accounting for Uncertainty in Income Taxes,
an Interpretation of FASB Statement No. 109 (the "Interpretation"). This
Interpretation is effective for fiscal years beginning after December 15, 2006
and is to be applied to open tax positions upon initial adoption. This
Interpretation prescribes a minimum recognition threshold and measurement
method for the financial statement recognition of tax positions taken or
expected to be taken in a tax return and also requires certain expanded
disclosures. Management has recently begun to evaluate the application of this
Interpretation to the Trust and has not at this time quantified the impact, if
any, resulting from the adoption of this Interpretation on the Trust's
financial statements.

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee
Columbia Management Advisors, LLC ("Columbia"), an indirect, wholly-owned
subsidiary of Bank of America Corporation ("BOA"), is the investment advisor to
the Trust and provides administrative and other services. Columbia receives a
monthly investment advisory fee at the annual rate of 0.65% of the Trust's
average weekly net assets, including assets applicable to the APS.

Columbia has also voluntarily agreed to reduce the investment advisory fee by
the annual rate of 0.02% of the Trust's average weekly net assets, including
assets applicable to the APS. Columbia, at its discretion, may revise or
discontinue this arrangement any time.

Pricing and Bookkeeping Fees
Columbia is responsible for providing pricing and bookkeeping services to the
Trust under a pricing and bookkeeping agreement. Under a separate agreement
(the "Outsourcing Agreement"), Columbia has delegated certain functions to
State Street Bank & Trust Company ("State Street"). As a result, the total fees
payable under the pricing and bookkeeping agreement (other than certain
reimbursements paid to Columbia and discussed below) are paid to State Street.

Under its pricing and bookkeeping agreement with the Trust, Columbia receives
an annual fee of $38,000 paid monthly plus an additional monthly fee based on
the level of average daily net assets for the month; provided that during any
12-month period, the aggregate fee (exclusive of out-of-pocket expenses and
charges) shall not exceed $140,000.

The Trust also reimburses Columbia and State Street for out-of-pocket expenses
and charges, including fees payable to third parties for pricing the Trust's
portfolio securities and direct internal costs incurred by Columbia in
connection with providing fund accounting oversight and monitoring and certain
other services. For the year November 30, 2006, the effective pricing and
bookkeeping fee rate for the Trust, inclusive of out-of-pocket expenses, was
0.045% of the Trust's average daily net assets.

32




Colonial Investment Grade Municipal Trust

November 30, 2006


Custody Credits
The Trust 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 Trust 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
All officers of the Trust, with the exception of the Trust's Chief Compliance
Officer, are employees of Columbia or its affiliates and receive no
compensation from the Trust. The Board of Trustees has appointed a Chief
Compliance Officer to the Trust in accordance with federal securities
regulations. The Trust, along with other affiliated funds, pays its pro-rata
share of the expenses associated with the Chief Compliance Officer. The Trust's
expenses for the Office of the Chief Compliance Officer will not exceed $15,000
per year.

The Trust'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 Trust's assets.

Other
Columbia provides certain services to the Trust related to Sarbanes-Oxley
compliance. For the year ended November 30, 2006, the Trust paid $2,526 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, 2006, the cost of purchases and proceeds from
sales of securities, excluding short-term obligations, were $74,215,896 and
$62,587,045, respectively.

At November 30, 2006, the Trust held an Inverse Floater related to the
following security:



                                                           Par
                                                        
           MA Port Authority, Series 1994 C, 5.75%, 7/1/29 $2,000,000


against which has been issued $1,000,000 par of Floating Rate Notes bearing
interest at a rate of 3.69%. Interest paid on the Floating Rate Notes during
the year ended November 30, 2006 was at an average rate of 3.66%. The Trust's
physical holding at November 30, 2006 was of an Inverse Floater of $1,000,000
par, market value of $1,137,860, bearing interest at a rate of 7.811% and
exempt from registration pursuant to Rule 144A under the Securities Act of 1933.

Note 6. Preferred Shares
The Trust currently has outstanding 2,400 APS. The APS have a liquidation
preference of $25,000 per APS plus accumulated but unpaid dividends and have
certain class-specific preferences over the common shares. The dividend rate on
the APS is set, typically every seven days, through an auction process.
Dividends on the APS are cumulative. Each holder of the APS is entitled to one
vote per APS. Unless otherwise required by law or under the terms of the
bylaws, each holder of APS has the same voting rights as common shareholders
and will vote together with common shareholders as a single class. The holders
of APS, voting as a separate class, have the right to: (a) elect at least two
Trustees, (b) elect a majority of the Trustees at any time when dividends on
the APS are due and unpaid for two full years, and (c) vote on certain matters
affecting the rights of the APS.

Under the Act, the Trust 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 Trust is required to meet more
stringent asset coverage requirements under the terms of the APS agreement and
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 Trust may be restricted in its ability to declare dividends to
common shareholders or may be required to redeem certain APS. At November 30,
2006, there were no such restrictions on the Trust.

Note 7. Disclosure of Significant Risks and Contingencies

Concentration of Credit Risk
The Trust 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 Trust's insurers is rated Aaa by
Moody's Investor Services, Inc. ("Moody's") or rated AAA by Standard

                                                                             33




Colonial Investment Grade Municipal Trust

November 30, 2006

& Poor's except for Radian Asset Assurance, Inc., which is rated Aa3 and AA by
Moody's and Standard & Poor's, respectively. At November 30, 2006, investments
supported by private insurers that represent greater than 5% of the total
investments of the Trust were as follows:



           Insurer                            % of Total Investments
                                           
           MBIA Insurance Corp.                        13.3%
           Ambac Assurance Corp.                        9.8
           Financial Guaranty Insurance Corp.           5.4


Geographic Concentration
The Trust has greater than 5% of its total investments at November 30, 2006
invested in debt obligations issued by the states of California, Florida,
Illinois, Massachusetts, and New York, and their respective political
subdivisions, agencies and public authorities. The Trust is more susceptible to
economic and political factors adversely affecting issuers of the specific
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 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 that there is no
established secondary market.

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 released the proposed plan of distribution for public
notice and comment but 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 trust 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

34




Colonial Investment Grade Municipal Trust

November 30, 2006

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 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. 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 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.

On April 4, 2006, the plaintiffs and the Columbia defendants named in the MDL,
including the Columbia Funds, entered into a term sheet containing the
principal terms of a stipulation of settlement that would settle all
Columbia-related claims in the MDL described above, including the CDSC Lawsuit.
On April 6, 2006, the U.S. District Court for the District of Maryland stayed
all actions with respect to these Columbia-related claims.

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 purposes. 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 naming the Columbia Funds as nominal defendants. 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 to the United
States Court of Appeals for the First Circuit on December 30, 2005; this appeal
is currently pending. The parties have advised the appellate court that they
are engaged in settlement discussions and the court has, accordingly, deferred
the briefing schedule for the appeal. The settlement has not yet been
finalized. Any settlement ultimately agreed by the parties will be subject to
court approval.

This matter is ongoing. Accordingly, no estimate can be made of the financial
impact, if any, of this litigation on any fund.

                                                                             35




Report of Independent Registered Public Accounting Firm


To the Trustees and the Shareholders of Colonial Investment Grade Municipal
Trust
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 Investment Grade
Municipal Trust (the "Trust") at November 30, 2006, 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 Trust'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). Those standards
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, 2006 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
January 25, 2007

36




Unaudited Information - Colonial Investment Grade Municipal Trust


Federal Income Tax Information
99.60% of distributions from net investment income will be treated as exempt
income for federal income tax purposes.

For the calendar year ended December 31, 2006, 18.42% of distributions from net
investment income is subject to the alternative minimum tax.

                                                                             37




Dividend Reinvestment Plan

Colonial Investment Grade Municipal Trust

Pursuant to the Trust's Dividend Reinvestment Plan (the "Plan"), all
shareholders whose shares are registered in their own names will have all
distributions reinvested automatically in additional shares of the Trust by
Computershare (the "Plan Agent") unless a shareholder elects to receive cash.
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 the
nominee or 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 shareholders who elect not
to participate in the Plan will be paid by check mailed directly to the
shareholder of record on the record date therefore by the Plan Agent as the
dividend disbursing agent.

Non-participants in the Plan will receive distributions in cash. Distributions
payable to participants in the Plan will be applied by the Plan Agent, acting
as agent for Plan participants, to the purchase of shares of the Trust. Such
shares will be purchased by the Plan Agent at the then current market price of
such shares in the open market, on the New York Stock Exchange or elsewhere,
for the participants' accounts.

Participants in the Plan may withdraw from the Plan upon written notice to the
Plan Agent. When a participant withdraws from the Plan or upon termination of
the Plan as provided below, certificates for whole shares credited to his
account under the Plan will be issued and a cash payment will be made for any
fraction of a share credited to such account. A shareholder's notice of
election to withdraw from the Plan must be received by the Plan Agent before
the record date for a dividend in order to be given effect with respect to that
dividend.

In the case of shareholders such as banks, brokers or nominees holding shares
for others who are the beneficial owners of those shares, the Plan Agent will
administer the Plan on the basis of the number of shares certified from time to
time by the shareholder of record as representing the total amount registered
in such shareholder's name and held for the account of beneficial owners who
are to participate in the Plan.

There is no charge to Plan participants for reinvesting distributions. The Plan
Agent's fees for the handling of the reinvestment of distributions will be paid
by the Trust. Each participant in the Plan 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 distributions. Purchase orders
from the participants in the Plan may be combined with those of other
participants and the price paid by any particular participant may be the
average of the price paid on various orders executed on behalf of groups of
participants in the Plan.

The automatic reinvestment of distributions will not relieve participants of
any income tax that may be payable on such dividends or distributions.

The Plan may be amended or terminated on 30 days written notice to Plan
participants. Contact the Plan Agent for additional information regarding the
Plan. All correspondence concerning the Plan should be directed to
Computershare by mail at P.O. Box 43010, Providence, RI 02940-3010, or by phone
at 1-800-730-6001.

38




Fund Governance - Colonial Investment Grade Municipal Trust


The Trustees serve terms of indefinite duration. The names, addresses and ages
of the Trustees 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 and other directorships they hold are shown below.
Each officer listed below serves as an officer of each Fund in the Columbia
Funds Complex.

  Independent Trustees



Name, address and year of birth,  Principal occupation(s) during past five years, Number
Position with funds, Year first   of portfolios in Columbia Funds Complex overseen by
elected or appointed to office/1/ trustee, Other directorships held
                               

Douglas A. Hacker (Born 1955)
-----------------------------------------------------------------------------------------
c/o Columbia Management           Independent business executive since May, 2006;
Advisors, LLC                     Executive Vice President-Strategy of United Airlines
One Financial Center              (airline) from December, 2002 to May, 2006; President
Boston, MA 02111                  of UAL Loyalty Services (airline marketing company)
Trustee (since 1996)              from September, 2001 to December, 2002; Executive Vice
                                  President and Chief Financial Officer of United
                                  Airlines from July, 1999 to September, 2001. Oversees
                                  81, Nash Finch Company (food distributor); Aircastle
                                  Limited (aircraft leasing)

Janet Langford Kelly (Born 1957)
-----------------------------------------------------------------------------------------
c/o Columbia Management           Deputy General Counsel-Corporate Legal Services,
Advisors, LLC                     ConocoPhillips (integrated petroleum company) since
One Financial Center              August, 2006; Partner, Zelle, Hofmann, Voelbel, Mason
Boston, MA 02111                  & Gette LLP (law firm) from March, 2005 to July, 2006;
Trustee (since 1996)              Adjunct Professor of Law, Northwestern University,
                                  from September, 2004 to June, 2006, Director, UAL
                                  Corporation (airline) from February, 2006 to July,
                                  2006; Chief Administrative Officer and Senior Vice
                                  President, Kmart Holding Corporation (consumer goods),
                                  from September, 2003 to March, 2004; Executive Vice
                                  President-Corporate Development and Administration,
                                  General Counsel and Secretary, Kellogg Company (food
                                  manufacturer), from September, 1999 to August, 2003.
                                  Oversees 81, None

Richard W. Lowry (Born 1936)
-----------------------------------------------------------------------------------------
c/o Columbia Management           Private Investor since August, 1987 (formerly Chairman
Advisors, LLC                     and Chief Executive Officer, U.S. Plywood Corporation
One Financial Center              (building products manufacturer) until 1987). Oversees
Boston, MA 02111                  81, None
Trustee (since 1995)

Charles R. Nelson (Born 1943)
-----------------------------------------------------------------------------------------
c/o Columbia Management           Professor of Economics, University of Washington,
Advisors, LLC                     since January, 1976; Ford and Louisa Van Voorhis
One Financial Center              Professor of Political Economy, University of
Boston, MA 02111                  Washington, since September, 1993; Director, Institute
Trustee (since 1981)              for Economic Research, University of Washington from
                                  September, 2001 to June, 2003; Adjunct Professor of
                                  Statistics, University of Washington, since September,
                                  1980; Associate Editor, Journal of Money Credit and
                                  Banking, since September, 1993; Consultant on
                                  econometric and statistical matters. Oversees 81, None


/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 who
   had been a director on the Columbia Board and trustee on the CMG Funds
   Board, was appointed to serve as trustee 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.

                                                                             39




Fund Governance (continued) - Colonial Investment Grade Municipal Trust




Name, address and year of birth,  Principal occupation(s) during past five years, Number
Position with funds, Year first   of portfolios in Columbia Funds Complex overseen by
elected or appointed to office/1/ trustee, Other directorships held
                               

 John J. Neuhauser (Born 1942)
-----------------------------------------------------------------------------------------
 c/o Columbia Management          University Professor, Boston College since November,
 Advisors, LLC                    2005; Academic Vice President and Dean of Faculties,
 One Financial Center             Boston College from August, 1999 to October, 2005.
 Boston, MA 02111                 Oversees 81, None
 Trustee (since 1985)

 Patrick J. Simpson (Born 1944)
-----------------------------------------------------------------------------------------
 c/o Columbia Management          Partner, Perkins Coie LLP (law firm). Oversees 81, None
 Advisors, LLC
 One Financial Center
 Boston, MA 02111
 Trustee (since 2000)

 Thomas E. Stitzel (Born 1936)
-----------------------------------------------------------------------------------------
 c/o Columbia Management          Business Consultant since 1999; Chartered Financial
 Advisors, LLC                    Analyst. Oversees 81, None
 One Financial Center
 Boston, MA 02111
 Trustee (since 1998)

 Thomas C. Theobald (Born 1937)
-----------------------------------------------------------------------------------------
 c/o Columbia Management          Partner and Senior Advisor, Chicago Growth Partners
 Advisors, LLC                    (private equity investing) since September, 2004;
 One Financial Center             Managing Director, William Blair Capital Partners
 Boston, MA 02111                 (private equity investing) from September, 1994 to
 Trustee and Chairman of the      September, 2004. Oversees 81, Anixter International
 Board/2/ (since 1996)            (network support equipment distributor); Ventas, Inc.
                                  (real estate investment trust); Jones Lang LaSalle
                                  (real estate management services); Ambac Financial
                                  Group (financial guaranty insurance)

 Anne-Lee Verville (Born 1945)
-----------------------------------------------------------------------------------------
 c/o Columbia Management          Retired since 1997 (formerly General Manager, Global
 Advisors, LLC                    Education Industry, IBM Corporation (computer and
 One Financial Center             technology) from 1994 to 1997). Oversees 81, None
 Boston, MA 02111
 Trustee (since 1998)


                           
                                Interested Trustee


                          

William E. Mayer (Born 1940)
------------------------------------------------------------------------------------
c/o Columbia Management      Partner, Park Avenue Equity Partners (private equity)
Advisors, LLC                since February, 1999; Dean and Professor, College of
One Financial Center         Business, University of Maryland, 1992 to 1997.
Boston, MA 02111             Oversees 81, Lee Enterprises (print media), WR
Trustee/3/ (since 1994)      Hambrecht + Co. (financial service provider); Reader's
                             Digest (publishing)


/2/Mr. Theobald was appointed as Chairman of the Board effective December 10,
   2003.
/3/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.
The Statement of Additional Information includes additional information about
the Trustees of the Funds and is available, without charge, upon request by
calling 800-426-3750.

40




Fund Governance (continued) - Colonial Investment Grade Municipal Trust


  Officers



Name, address and year of birth,     Principal occupation(s) during past five years
Position with Columbia Funds, Year
first elected or appointed to office
                                  

Christopher L. Wilson (Born 1957)
--------------------------------------------------------------------------------------------
One Financial Center                 Head of Mutual Funds since August, 2004 and Managing
Boston, MA 02111                     Director of Columbia Management Advisors, LLC ("the
President (since 2004)               Advisor") since September, 2005; President and Chief
                                     Executive Officer, CDC IXIS Asset Management Services,
                                     Inc. (investment management) from September, 1998 to
                                     August, 2004.

James R. Bordewick, Jr. (Born 1959)
--------------------------------------------------------------------------------------------
One Financial Center                 Associate General Counsel, Bank of America since
Boston, MA 02111                     April, 2005; Senior Vice President and Associate
Senior Vice President, Secretary     General Counsel, MFS Investment Management (investment
and Chief Legal Officer (since 2006) management) prior to April, 2005.

J. Kevin Connaughton (Born 1964)
--------------------------------------------------------------------------------------------
One Financial Center                 Managing Director of the Advisor since February, 1998.
Boston, MA 02111
Senior Vice President,
Chief Financial Officer and
Treasurer (since 2000)

Linda J. Wondrack (Born 1964)
--------------------------------------------------------------------------------------------
One Financial Center                 Director (Columbia Management Group LLC and Investment
Boston, MA 02111                     Product Group Compliance), Bank of America since June
Senior Vice President ,              2005; Director of Corporate Compliance and Conflicts
Chief Compliance Officer             Officer, MFS Investment Management (investment
(since 2007)                         management), August 2004 to May 2005; Managing
                                     Director, Deutsche Asset Management (investment
                                     management) prior to August, 2004.

Michael G. Clarke (Born 1969)
--------------------------------------------------------------------------------------------
One Financial Center                 Director of Fund Administration of the Advisor since
Boston, MA 02111                     January, 2006; Managing Director of the Advisor
Chief Accounting Officer and         September, 2004 to December, 2005; Vice President Fund
Assistant Treasurer (since 2004)     Administration of the Advisor June, 2002 to September,
                                     2004. Vice President Product Strategy and Development
                                     of the Advisor from February, 2001 to June, 2002.

Jeffrey R. Coleman (Born 1969)
--------------------------------------------------------------------------------------------
One Financial Center                 Director of Fund Administration of the Advisor since
Boston, MA 02111                     January, 2006; Fund Controller of the Advisor from
Deputy Treasurer (since 2006)        October 2004 to January 2006; Vice President of CDC
                                     IXIS Asset Management Services, Inc. (investment
                                     management) from August, 2000 to September, 2004.

Joseph F. DiMaria (Born 1968)
--------------------------------------------------------------------------------------------
One Financial Center                 Director of Fund Administration of the Advisor since
Boston, MA 02111                     January, 2006; Head of Tax/Compliance and Assistant
Deputy Treasurer (since 2006)        Treasurer of the Advisor from November, 2004 to
                                     December, 2005; Director of Trustee Administration
                                     (Sarbanes-Oxley) of the Advisor from May, 2003 to
                                     October, 2004; Senior Audit Manager,
                                     PricewaterhouseCoopers (independent registered public
                                     accounting firm) from July, 2000 to April, 2003.


                                                                             41




Fund Governance (continued)- Colonial Investment Grade Municipal Trust




Name, address and year of birth,     Principal occupation(s) during past five years
Position with Columbia Funds, Year
first elected or appointed to office
                                  

   Ty S. Edwards (Born 1966)
--------------------------------------------------------------------------------------------
   One Financial Center              Director of Fund Administration of the Advisor since
   Boston, MA 02111                  January, 2006; Vice President of the Advisor from
   Deputy Treasurer (since 2006)     July, 2002 to December, 2005; Assistant Vice president
                                     and Director, State Street Corporation (financial
                                     services) prior to 2002.

   Barry S. Vallan (Born 1969)
--------------------------------------------------------------------------------------------
   One Financial Center              Vice President-Fund Treasury of the Advisor since
   Boston, MA 02111                  October, 2004; Vice President- Trustee Reporting of
   Controller (since 2006)           the Advisor from April, 2002 to October, 2004;
                                     Management Consultant, PricewaterhouseCoopers
                                     (independent registered public accounting firm) prior
                                     to October, 2002.


42




Board Consideration and Approval of Investment Advisory Agreements


The Advisory Fees and Expenses Committee of the Board of Trustees meets one or
more times annually to review the advisory agreements (collectively, the
"Agreements") of the funds for which the Trustees serve as trustees (each a
"fund") and determine whether to recommend that the full Board approve the
continuation of the Agreements for an additional one-year period. After the
Committee has made its recommendation, the full Board, including the
Independent Trustees, determines whether to approve the continuation of the
Agreements. In addition, the Board, including the Independent Trustees,
considers matters bearing on the Agreements at most of its other meetings
throughout the year and meets regularly with the heads of each investment area
within Columbia. Through the Board's Investment Oversight Committees, Trustees
also meet with selected fund portfolio managers at various times throughout the
year.

The Trustees receive and review all materials that they, their legal counsel or
Columbia, the funds' investment adviser, believe to be reasonably necessary for
the Trustees to evaluate the Agreements and determine whether to approve the
continuation of the Agreements. Those materials generally include, among other
items, (i) information on the investment performance of each fund relative to
the performance of peer groups of mutual funds and the fund's performance
benchmarks, (ii) information on each fund's advisory fees and other expenses,
including information comparing the fund's expenses to those of peer groups of
mutual funds and information about any applicable expense caps and fee
"breakpoints," (iii) information about the profitability of the Agreements to
Columbia, including potential "fall-out" or ancillary benefits that Columbia
and its affiliates may receive as a result of their relationships with the
funds and (iv) information obtained through Columbia's response to a
questionnaire prepared at the request of the Trustees by counsel to the funds
and independent legal counsel to the Independent Trustees. The Trustees also
consider other information such as (v) Columbia's financial results and
financial condition, (vi) each fund's investment objective and strategies and
the size, education and experience of Columbia's investment staffs and their
use of technology, external research and trading cost measurement tools,
(vii) the allocation of the funds' brokerage, if any, and the use of "soft"
commission dollars to pay for research products and services, (vii) Columbia's
resources devoted to, and its record of compliance with, the funds' investment
policies and restrictions, policies on personal securities transactions and
other compliance policies, (ix) Columbia's response to various legal and
regulatory proceedings since 2003 and (x) the economic outlook generally and
for the mutual fund industry in particular. In addition, the Advisory Fees and
Expenses Committee confers with the funds' independent fee consultant and
reviews materials relating to the funds' relationships with Columbia provided
by the independent fee consultant. Throughout the process, the Trustees have
the opportunity to ask questions of and request additional materials from
Columbia and to consult with independent legal counsel to the Independent
Trustees and the independent fee consultant.

The Board of Trustees most recently approved the continuation of the Agreements
at its October, 2006 meeting, following meetings of the Advisory Fees and
Expenses Committee held in August, September and October, 2006. In considering
whether to approve the continuation of the Agreements, the Trustees, including
the Independent Trustees, did not identify any single factor as determinative,
and each weighed various factors as he or she deemed appropriate. The Trustees
considered the following matters in connection with their approval of the
continuation of the Agreements:

The nature, extent and quality of the services provided to the funds under the
Agreements. The Trustees considered the nature, extent and quality of the
services provided by Columbia and its affiliates to the funds and the resources
dedicated to the funds by Columbia and its affiliates. Among other things, the
Trustees considered (i) Columbia's ability (including its personnel and other
resources, compensation programs for personnel involved in fund management,
reputation and other attributes) to attract and retain highly qualified
research, advisory and supervisory investment professionals; (ii) the portfolio
management services provided by those investment professionals; and (iii) the
trade execution services provided on behalf of the funds. For each fund, the
Trustees also considered the benefits to shareholders of investing in a mutual
fund that is part of a family of funds offering exposure to a variety of asset
classes and investment disciplines and providing a variety of fund and
shareholder services. After reviewing those and related factors, the Trustees
concluded, within the context of their overall conclusions regarding each of
the Agreements, that the

                                                                             43






nature, extent and quality of services provided supported the continuation of
the Agreements.

Investment performance of the funds and Columbia. The Trustees reviewed
information about the performance of each fund over various time periods,
including information prepared by an independent third party that compared the
performance of each fund to the performance of peer groups of mutual funds and
performance benchmarks. The Trustees also reviewed a description of the third
party's methodology for identifying each fund's peer group for purposes of
performance and expense comparisons. The Trustees also considered additional
information that the Advisory Fees and Expenses Committee requested from
Columbia relating to funds that presented relatively weaker performance and/or
relatively higher expenses.

In the case of each fund whose performance lagged that of a relevant peer group
for certain (although not necessarily all) periods, the Trustees concluded that
other factors relevant to performance were sufficient, in light of other
considerations, to warrant continuation of the fund's Agreements. Those factors
varied from fund to fund, but included one or more of the following: (i) that
the fund's performance, although lagging in certain recent periods, was
stronger over the longer term; (ii) that the underperformance was attributable,
to a significant extent, to investment decisions that were reasonable and
consistent with the fund's investment strategy and policies and that the fund
was performing as expected, given these investment decisions, market conditions
and the fund's investment strategy; (iii) that the fund's performance was
competitive when compared to other relevant performance benchmarks or peer
groups; (iv) that Columbia had taken or was taking steps designed to help
improve the fund's investment performance, including, but not limited to,
replacing portfolio managers or modifying investment strategies; and (v) that
the fund was proposed to be reorganized into another fund, and that such
reorganization would result in a reduction in fund expenses.

The Trustees also considered Columbia's performance and reputation generally,
the funds' performance as a fund family generally, and Columbia's historical
responsiveness to Trustee concerns about performance and Columbia's willingness
to take steps intended to improve performance.

After reviewing those and related factors, the Trustees concluded, within the
context of their overall conclusions regarding each of the Agreements, that the
performance of each fund and Columbia was sufficient, in light of other
considerations, to warrant the continuation of the Agreement(s) pertaining to
that fund.

The costs of the services provided and profits realized by Columbia and its
affiliates from their relationships with the funds. The Trustees considered the
fees charged to the funds for advisory services as well as the total expense
levels of the funds. That information included comparisons (provided by
management and by an independent third party) of each fund's advisory fees and
total expense levels to those of the fund's peer groups and information about
the advisory fees charged by Columbia to comparable institutional accounts. In
considering the fees charged to those accounts, the Trustees took into account,
among other things, management's representations about the differences between
managing mutual funds as compared to other types of accounts, including
differences in the services provided, differences in the risk profile of such
business for Columbia, and the additional resources required to manage mutual
funds effectively. In evaluating each fund's advisory fees, the Trustees also
took into account the demands, complexity and quality of the investment
management of the fund. The Trustees considered existing advisory fee
breakpoints, and Columbia's use of advisory fee waivers and expense caps, which
benefited a number of the funds. The Trustees also noted management's stated
justification for the fees charged to the funds, which included information
about the investment performance of the funds and the services provided to the
funds.

The Trustees also considered the compensation directly or indirectly received
by Columbia and its affiliates from their relationships with the funds. The
Trustees reviewed information provided by management as to the profitability to
Columbia and its affiliates of their relationships with each fund, and
information about the allocation of expenses used to calculate profitability.
When reviewing profitability, the Trustees also considered court cases in which
adviser profitability was an issue in whole or in part, the performance of the
relevant funds, the expense level of each fund, and whether Columbia had
implemented breakpoints and/or expense caps with respect to the fund.

After reviewing those and related factors, the Trustees concluded, within the
context of their overall conclusions

44






regarding each of the Agreements, that the advisory fees charged to each fund,
and the related profitability to Columbia and its affiliates of their
relationships with the fund, supported the continuation of the Agreement(s)
pertaining to that fund.

Economies of Scale. The Trustees considered the existence of any economies of
scale in the provision by Columbia of services to each fund, to groups of
related funds, and to Columbia's investment advisory clients as a whole and
whether those economies were shared with the funds through breakpoints in the
investment advisory fees or other means, such as expense waivers/reductions and
additional investments by Columbia in investment, trading and compliance
resources. The Trustees noted that many of the funds benefited from
breakpoints, expense caps, or both. In considering those issues, the Trustees
also took note of the costs of the services provided (both on an absolute and a
relative basis) and the profitability to Columbia and its affiliates of their
relationships with the funds, as discussed above.

After reviewing those and related factors, the Trustees concluded, within the
context of their overall conclusions regarding each of the Agreements, that the
extent to which economies of scale were shared with the funds supported the
continuation of the Agreements.

Other Factors. The Trustees also considered other factors, which included but
were not limited to the following:

.. the extent to which each fund had operated in accordance with its investment
  objective and investment restrictions, the nature and scope of the compliance
  programs of the funds and Columbia and the compliance-related resources that
  Columbia and its affiliates were providing to the funds;

.. the nature, quality, cost and extent of administrative and shareholder
  services performed by Columbia and its affiliates, both under the Agreements
  and under separate agreements for the provision of transfer agency and
  administrative services;

.. so-called "fall-out benefits" to Columbia and its affiliates, such as the
  engagement of its affiliates to provide distribution, brokerage and transfer
  agency services to the funds, and the benefits of research made available to
  Columbia by reason of brokerage commissions generated by the funds'
  securities transactions, as well as possible conflicts of interest associated
  with those fall-out and other benefits, and the reporting, disclosure and
  other processes in place to disclose and monitor those possible conflicts of
  interest; and

.. the draft report provided by the funds' independent fee consultant, which
  included information about and analysis of the funds' fees, expenses and
  performance.

Based on their evaluation of all factors that they deemed to be material,
including those factors described above, and assisted by the advice of
independent counsel and the independent fee consultant, the Trustees, including
the Independent Trustees, approved the continuance of each of the Agreements
through October 31, 2007.

                                                                             45




Summary of Management Fee Evaluation by Independent Fee Consultant

INDEPENDENT FEE CONSULTANT'S EVALUATION OF THE PROCESS BY WHICH MANAGEMENT FEES
ARE NEGOTIATED FOR THE COLUMBIA MUTUAL FUNDS OVERSEEN BY THE COLUMBIA ATLANTIC
BOARD

Prepared Pursuant to the February 9, 2005 Assurance of Discontinuance between
the Office of Attorney General of New York State and Columbia Management
Advisors, Inc. and Columbia Funds Distributor, Inc. October 11, 2006

  I. Overview

Columbia Management Advisors, LLC ("CMA") and Columbia Funds Distributors,
Inc./1/ ("CFD") agreed on February 9, 2005 to the New York Attorney General's
Assurance of Discontinuance ("AOD"). Among other things, the AOD stipulates
that CMA may manage or advise a Columbia Fund ("Fund" and together with all
such funds or a group of such funds as the "Funds") only if the Independent
Members of the Fund's Board of Trustees (such Independent Members of the Fund's
Board together with the other members of the Fund's Board, referred to as the
"Trustees") appoint a Senior Officer or retain an Independent Fee Consultant
("IFC") who is to manage the process by which proposed management fees are
negotiated. The AOD further stipulates that the Senior Officer or IFC is to
prepare a written annual evaluation of the fee negotiation process.

On September 14, 2006, the Independent Members of the Funds' Boards retained me
as IFC for the Funds. In this capacity, I have prepared the second annual
written evaluation of the fee negotiation process. I am successor to the first
IFC, Erik Sirri, who prepared the annual evaluation in 2005 and who contributed
to the second annual written evaluation until his resignation as IFC in August
2006 to become Director of the Division of Market Regulation at the U.S.
Securities and Exchange Commission./2/

A. Role of the Independent Fee Consultant
The AOD charges the IFC with "managing the process by which proposed management
fees...to be charged the Columbia Fund are negotiated so that they are
negotiated in a manner which is at arms' length and reasonable and consistent
with this Assurance of Discontinuance." In this role, the IFC does not replace
the Trustees in negotiating management fees with CMA, and the IFC does not
substitute his or her judgment for that of the Trustees about the
reasonableness of proposed fees. As the AOD states, CMA "may manage or advise a
Columbia Fund only if the reasonableness of the proposed management fees is
determined by the Board of Trustees...using...an annual independent written
evaluation prepared by or under the direction of...the Independent Fee
Consultant."

B. Elements Involved in Managing the Fee Negotiation Process
Managing the fee negotiation process has three elements. One involves reviewing
the information provided by CMG to the Trustees for evaluating the proposed
management fees and augmenting that information, as necessary, with additional
information from CMG or other sources and with further analyses of the
information and data. The second element involves reviewing the information and
analysis relative to at least the following six factors set forth in the AOD:

1.The nature and quality of CMA's services, including the Fund's performance;

2.Management fees (including any components thereof) charged by other mutual
  fund companies for like services;

3.Possible economies of scale as the Fund grows larger;

4.Management fees (including any components thereof) charged to institutional
  and other clients of CMA for like services;


/1/ CMA and CFD are subsidiaries of Columbia Management Group, Inc. ("CMG"),
    which also is the parent of Columbia Management Services, Inc. ("CFS"), the
    Funds' transfer agent. Before the date of this report, CMA merged into an
    affiliated entity, Banc of America Capital Management, LLC, which was
    renamed Columbia Management Advisors, LLC and which carries on the business
    of CMA. CFD also has been renamed Columbia Management Distributors, Inc.

/2/ I am an independent economic consultant. From August 2005 until August
    2006, I provided support to Mr. Sirri as an independent consultant. From
    1994 to 2004, I was Chief Economist at the Investment Company Institute.
    Earlier, I was Section Chief and Assistant Director at the Federal Reserve
    Board and Professor of Economics at Oklahoma State University. I have no
    material relationship with Bank of America or CMG, aside from serving as
    IFC, and I am aware of no material relationship with any of their
    affiliates. To assist me with the report, I engaged NERA Economic
    Consulting, an independent consulting firm that has had extensive
    experience in the mutual fund industry. I also have retained Willkie Farr &
    Gallagher LLP as counsel to advise me in connection with the report.


46







5.Costs to CMA and its affiliates of supplying services pursuant to the
  management fee agreements, excluding any intra-corporate profit; and

6.Profit margins of CMA and its affiliates from supplying such services.

The final element involves providing the Trustees with a written evaluation of
the above factors as they relate to the fee negotiation process.

C. Organization of the Annual Evaluation
The 2006 annual evaluation focuses on the six factors and contains a section
for each factor except that CMA's costs and profits from managing the Funds
have been combined into a single section. In each section, the discussion of
the factor considers and analyzes the available data and other information as
they bear upon the fee negotiation process. If appropriate, the discussion in
the section may point out certain aspects of the proposed fees that may warrant
particular attention from the Trustees. The discussion also may suggest other
data, information, and approaches that the Trustees might consider
incorporating into the fee negotiation process in future years.

In addition to a discussion of the six factors, the report reviews the status
of recommendations made in the 2005 IFC evaluation. The 2006 report also
summarizes the findings with regard to the six factors and contains a summary
of recommendations for possible enhancements to the process.

  II. Status of 2005 Recommendations

The 2005 IFC evaluation contains recommendations aimed at enhancing the
evaluation of proposed management fees by Trustees. The section summarizes
those recommendations and includes my assessment of the response to the
recommendations.


1.Recommendation: Trustees should consider requesting more analytical work from
  CMG in the preparation of future 15(c) materials.

  Status: CMG has provided additional analyses to the Trustees on economies of
  scale, a comparative analysis of institutional and retail management fees,
  management fee breakpoints, risk-adjusted performance, fee waivers and
  expense reimbursements, and CMG's costs and profitability.

2.Recommendation: Trustees may wish to consider whether CMG should continue
  expanding the use of Morningstar or other third party data to supplement
  CMG's fee and performance analysis that is now based primarily on Lipper
  reports.

  Status: CMG has used data from Morningstar Inc. to compare with data from
  Lipper Inc. ("Lipper") in performing the Trustees' screening procedures.

3.Recommendation: Trustees should consider whether...the fund-by-fund
  screen...should place comparable emphasis on both basis point and quintile
  information in their evaluation of the funds...Also, the Trustees should
  consider incorporating sequences of one-year performance into a fund-by-fund
  screen.

  Status: CMG has not provided Trustees with results of the screening process
  using percentiles. CMG has provided Trustees with information on the changes
  in performance and expenses between 2005 and 2006 and data on oneyear returns.

4.Recommendation: Given the volatility of fund performance, the Trustees may
  want to consider whether a better method exists than th[e] fee waiver process
  to deal with fund underperformance.

  Status: It is my understanding that the Trustees have determined to address
  fund underperformance not only through fee waivers and expense caps but also
  through discussions with CMG regarding the sources of underperformance. CMG
  has provided Trustees with an analysis of the relationship between
  breakpoints, expense reimbursements, and fee waivers.

5. Recommendation: [Seventy-one] percent of funds [have] yet to reach their
 first management fee breakpoint...Trustees may wish to consider whether the
 results of my ongoing economies-of-scale work affects the underlying economic
 assumptions reflected in the existing breakpoint schedules.

  Status: CMG has prepared a memo for the Trustees discussing its views on the
  nature and sharing of potential economies of scale. The memo discuses CMG's
  view that economies of scale arise at the complex level rather than the fund
  level. The memo also describes steps, including the introduction of
  breakpoints, taken to share economies of scale with shareholders. CMG's
  analysis, however, does

                                                                             47






  not discuss specific sources of economies of scale and does not link
  breakpoints to economies of scale that might be realized as the Funds' assets
  increase.

6.Recommendation: Trustees should continue working with management to address
  issues of funds that demonstrate consistent or significant underperformance
  even if the fee levels for the funds are low.

  Status: Trustees monitor performance on an ongoing basis.

  III. Findings

A. General

1.Based upon my examination of the available information and the six factors, I
  conclude that the Trustees have the relevant information necessary to
  evaluate the reasonableness of the proposed management fees for the Funds.
  CMG has provided the Trustees with relevant materials on the six factors
  through the 15(c) contract renewal process and in materials prepared for
  review at Board and Committee meetings.

2.In my view, the process by which the proposed management fees of the Funds
  have been negotiated in 2006 thus far has been, to the extent practicable, at
  arms' length and reasonable and consistent with the AOD.

B. Nature and Quality of Services, Including Performance

3.The performance of the Funds has been relatively strong, especially that of
  fixed-income Funds. For each of the 1-, 3-, 5- and 10-year performance
  periods, over 60 percent of the funds have ranked in the top three
  performance quintiles.

4.The performance of the equity Funds overall, though less concentrated in the
  top two quintiles than the fixed-income Funds, improved in 2006 relative to
  that in 2005. The fixedincome funds maintained the relatively high
  performance level of 2005 in 2006.

5.The Funds' overall performance adjusted for risk was significantly stronger
  than performance unadjusted for risk. Domestic and international equity
  funds, in particular, moved to higher relative performance rankings after
  adjusting for risk.

6.The procedure used to construct the performance universe in which each Fund's
  performance is ranked relative to comparable funds may bias a Fund's ranking
  upward within that universe. The bias occurs because the performance ranking
  procedure includes all share classes of multi-class funds in the universe and
  because the procedure ranks either no-load or A share classes of the Funds.
  No-load and A share classes generally have lower total expenses than B and C
  shares (owing to B and C shares having higher distribution/service fees) and
  thus, given all else, would outperform many of B and C share classes included
  in the universe. A preliminary analysis that adjusts for the bias results in
  a downward movement in the relative performance for the Funds but does not
  change the general finding that the Funds' performance has been strong
  relative to comparable funds.

C. Management Fees Charged by Other Mutual Fund Companies

7.The Funds' management fees and total expenses are generally low relative to
  those of their peers. At least 56 percent of the Funds are in the first or
  second quintiles with the lowest fees and expenses and nearly three-fourths
  or more in the first three quintiles. Equity Funds are more highly
  concentrated in the first three quintiles than fixedincome Funds.

8.The fee and expense rankings as whole are similar to those in 2005 in that
  the majority of funds are ranked in the top quintiles. Nonetheless, a number
  of individual funds experienced a change in ranking between 2005 and 2006.
  This fund-level instability may reflect sensitivity of rankings to the
  composition of the comparison groups, as the membership of the peer groups
  typically changed substantially between the two years.

9.The Liberty Money Market Fund VS appears to have a higher management fee
  structure than that of other Columbia money market funds of comparable asset
  size.

D. Trustees' Fee and Performance Evaluation Process

10.The Trustees' evaluation process identified 21 funds in 2006 for further
   review based upon their relative performance or expenses. Seventeen of these
   funds had been subject to review in 2004 or 2005.

E. Potential Economies of Scale

11.CMG has prepared a memo for the Trustees containing its views on the sources
   and sharing of potential economies of

48






  scale. CMG views economies of scale as arising at the complex level and would
  regard estimates of scale economies for individual funds as unreliable. CMG
  has not, however, identified specific sources of economies of scale nor has
  it provided any estimates of the magnitude of any economies of scale. In the
  memo, CMG also describes measures taken by the Trustees and CMG that seek to
  share any potential economies of scale through breakpoints in management fee
  schedules, expense reimbursements, fee waivers, enhanced shareholder
  services, fund mergers, and operational consolidation. These measures,
  although of significant benefit to shareholders, have not been directly
  linked in the memo to the existence, sources, and magnitude of economies of
  scale.

F. Management Fees Charged to Institutional Clients

12.CMG has provided Trustees with comparisons of mutual fund management fees
   and institutional fees based upon standardized fee schedules and upon actual
   fees. Based upon the information, institutional fees are generally lower
   than the Funds' management fees. This pattern is consistent with the
   economics of the two financial products. Data are not available, however, on
   actual institutional fees at other money managers. Thus, it is not possible
   to determine the extent to which differences between the Funds' management
   fees and institutional fees are consistent with those seen generally in the
   marketplace.

G. Revenues, Expenses, and Profits

13.The financial statements and the methodology underlying their construction
   generally form a sufficient basis for Trustees to evaluate the expenses and
   profitability of the Funds.

  IV. Recommendations

A. Performance

1.Trustees may wish to consider incorporating risk-adjusted measures in their
  evaluation of performance. CMG has begun to prepare reports for the Trustees
  with risk adjustments, which could form the basis for formally including the
  measures in the 15(c) materials. To this end, Trustees may wish to have CMG
  prepare documents explaining risk adjustments and describing their advantages
  and disadvantages.

2.Trustees may wish to consider having CMG evaluate the sensitivity of
  performance rankings to the design of the universe. The preliminary analysis
  contained in the evaluation suggests that the method employed by Lipper, the
  source of performance rankings used by the Trustees, may bias performance
  rankings upward.

B. Economies of Scale

3.Trustees may wish to consider having CMG extend its analysis of economies of
  scale by examining the sources of such economies, if any. Identification of
  the sources may enable the Trustees and CMG to gauge their magnitude. It also
  may enable the Trustees and CMG to build upon past work on standardized fee
  schedules so that the schedules themselves are consistent with any economies
  of scale and their sources. Finally, an extension of the analysis may enable
  the Trustees and CMG to develop a framework that coordinates the use of fee
  waivers and expense caps with the standard fee schedules and with any
  economies of scale and their sources.

C. Institutional Fees

4.Trustees may wish to consider encouraging CMG to build further upon its
  expanded analysis of institutional fees by refining the matching of
  institutional accounts with mutual funds, by dating the establishment of each
  institutional account, and by incorporating other accounts, such as
  subadvisory relationships, trusts, offshore funds, and separately managed
  accounts into the analysis.

D. Profitability

5.Trustees may wish to consider requesting that CMG expand the reporting of
  revenues and expenses to include more line-item detail for management and
  administration, transfer agency, fund accounting, and distribution.

6.Trustees may wish to consider requesting that CMG provide a statement of its
  operations in the 15(c) materials.

7.Trustees may wish to consider the treatment of the revenue sharing with the
  Private Bank of Bank of America in their review of CMG's profitability.

Respectfully submitted,
John D. Rea

                                                                             49






APPENDIX

SOURCES OF INFORMATION USED IN THE EVALUATION

The following list generally describes the sources and types of information
that were used in preparing this report.

1.Performance, management fees, and expense ratios for the Funds and comparable
  funds from other fund complexes from Lipper and CMG. The sources of this
  information were CMG and Lipper;

2.CMG's expenses and profitability obtained directly from CMG;

3.Information on CMG's organizational structure;

4.Profitability of publicly traded asset managers from Lipper;

5.Interviews with CMG staff, including members of senior management, legal
  staff, heads of affiliates, portfolio managers, and financial personnel;

6.Documents prepared by CMG for Section 15(c) contract renewals in 2005 and
  2006;

7.Academic research papers, industry publications, professional materials on
  mutual fund operations and profitability, and SEC releases and studies of
  mutual fund expenses

8.Interviews with and documents prepared by Ernst & Young LLP in its review of
  the Private Bank Revenue Sharing Agreement;

9.Discussions with Trustees and attendance at Board and committee meetings
  during which matters pertaining to the evaluation were considered.

In addition, I engaged NERA Economic Consulting ("NERA") to assist me in data
management and analysis. NERA has extensive experience in the mutual fund
industry that provides unique insights and special knowledge pertaining to my
independent analysis of fees, performance, and profitability. I have also
retained attorneys in the Washington, D.C. office of Willkie Farr & Gallagher
LLP as outside counsel to advise me in connection with my evaluation.

Finally, meetings and discussions with CMG staff were informative. My
participation in Board and committee meetings in which Trustees and CMG
management discussed issues relating to management contracts were of great
benefit to the preparation of the evaluation.

50




Important Information About This Report

Colonial Investment Grade Municipal Trust

  Transfer Agent

  Computershare
  P.O. Box 43010
  Providence, RI 02940-3010
The trust 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
trust.

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

A description of the trust'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 trust voted proxies
relating to portfolio securities during the 12-month period ended June 30 is
available from the SEC's website. Information regarding how the trust voted
proxies relating to portfolio securities is also available at
www.columbiamanagement.com.

The trust 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 trust'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.

Annual Certifications -- As required, on June 21, 2006, the trust submitted to
the New York Stock Exchange ("NYSE") the annual certification of the trust's
Chief Executive Officer certifying that he is not aware of any violation of the
NYSE's Corporate Governance listing standards. The trust also has included the
certifications of the trust's Chief Executive Officer and Chief Financial
Officer required by Section 302 of the Sarbanes-Oxley Act of 2002 as exhibits
to the trust's Form N-CSR filed with the Securities and Exchange Commission for
the annual period.

This report has been prepared for shareholders of Colonial Investment Grade
Municipal Trust.

                                                                             51



                                    [GRAPHIC]


COLONIAL INVESTMENT GRADE MUNICIPAL TRUST
                                                                  ANNUAL REPORT

                                            SHC-42/115615-1106 (01/07) 07/33123



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)  The registrant's Board adopted, effective January 3, 2006, a revised
         code of ethics described in 2(a) above. This revised code of ethics,
         which is attached as an exhibit hereto, does not differ materially
         from the code of ethics in effect for the year ended November 30, 2005.

    (c)  During the period covered by this report, there were no waivers,
         including any implicit waivers, from a provision of the code of ethics
         described in 2(a) above that relates to one or more of the items set
         forth in paragraph (b) of this item's instructions.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees has determined that Douglas A. Hacker,
Thomas E. Stitzel and Anne-Lee Verville, 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 and Ms. Verville 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) Audit Fees. Aggregate Audit Fees billed by the principal accountant for
professional services rendered during the fiscal years ended November 30, 2006
and November 30, 2005 are approximately as follows:

                                 2006             2005
                                 ----             ----
                               $27,800           $25,000



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) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant
by the principal accountant for professional services rendered during the
fiscal years ended November 30, 2006 and November 30, 2005 are approximately as
follows:

                                 2006             2005
                                 ----             ----
                               $13,700           $13,200

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 2006 and 2005, Audit-Related Fees include
agreed-upon procedures performed for semi-annual shareholder reports and rating
agency reviews.

During the fiscal years ended November 30, 2006 and November 30, 2005, there
were no Audit-Related Fees billed by the registrant's principal accountant to
the registrant's 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 for an engagement that related directly to the operations and
financial reporting of the registrant.

(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the
registrant for professional services rendered during the fiscal years ended
November 30, 2006 and November 30, 2005 are approximately as follows:

                                  2006             2005
                                  ----             ----
                                 $3,800           $3,100

Tax Fees 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.

During the fiscal years ended November 30, 2006 and November 30, 2005, there
were no Tax Fees billed by the registrant's principal accountant to the
registrant's 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 for
an engagement that related directly to the operations and financial reporting
of the registrant.



(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant
to the registrant for professional services rendered during the fiscal years
ended November 30, 2006 and November 30, 2005 are approximately as follows:

                                   2006            2005
                                   ----            ----
                                    $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.

Aggregate All Other Fees billed by the registrant's principal accountant to the
registrant's 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 for
an engagement that related directly to the operations and financial reporting
of the registrant during the fiscal years ended November 30, 2006 and
November 30, 2005 are approximately as follows:

                                 2006              2005
                                 ----              ----
                               $505,500          $255,500

In both fiscal years 2006 and 2005, All Other Fees include internal control
reviews of the registrant's investment advisor.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The registrant's Audit Committee is required to pre-approve the engagement of
the registrant's independent accountants to provide audit and non-audit
services to the registrant and non-audit services to its investment adviser
(not including any sub-adviser whose role is primarily portfolio management and
is subcontracted with or overseen by another investment adviser) or any entity
controlling, controlled by or under common control with such investment adviser
that provides ongoing services to the registrant ("Adviser Affiliates"), if the
engagement relates directly to the operations and financial reporting of the
registrant.

   The Audit Committee has adopted a Policy for Engagement of Independent
Accountants for Audit and Non-Audit Services ("Policy"). The Policy sets forth
the understanding of the Audit Committee regarding the engagement of the
registrant's independent accountants to provide (i) audit and permissible
audit-related, tax and other services to the registrant (collectively "Fund
Services"); (ii) non-audit services to the registrant's investment adviser (not
including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser) and Adviser
Affiliates, if the engagement relates directly to the operations or financial
reporting of a Fund (collectively "Fund-related Adviser Services"); and
(iii) certain other audit and non-audit services to the registrant's investment
adviser (not including any sub-adviser whose role is primarily portfolio
management and is



subcontracted with or overseen by another investment adviser) and Adviser
Affiliates. Unless a type of service receives general pre-approval under the
Policy, it requires specific pre-approval by the Audit Committee if it is to be
provided by the independent accountants. Pre-approval of non-audit services to
the registrant, the registrant's investment adviser (not including any
sub-adviser whose role is primarily portfolio management and is subcontracted
with or overseen by another investment adviser) and Adviser Affiliates may be
waived provided that the "de minimis" requirements set forth under paragraph
(c)(7)(i)(C) of Rule 2-01 of Regulation S-X are met.

   Under the Policy, the Audit Committee may delegate pre-approval authority to
any pre-designated member or members who are Independent Trustees/Directors.
The member(s) to whom such authority is delegated must report, for
informational purposes only, any pre-approval decisions to the Audit Committee
at its next regular meeting. The Audit Committee's responsibilities with
respect to the pre-approval of services performed by the independent
accountants may not be delegated to management.

   The Policy requires the Fund Treasurer and/or Director of Board
Administration to submit to the Audit Committee, on an annual basis, a schedule
of the types of services that are subject to general pre-approval. The
schedule(s) provide a description of each type of service that is subject to
general pre-approval and, where possible, will provide estimated fee caps for
each instance of providing each service. The Audit Committees will review and
approve the types of services and review the projected fees for the next fiscal
year and may add to, or subtract from, the list of general pre-approved
services from time to time based on subsequent determinations. That approval
acknowledges that the Audit Committee is in agreement with the specific types
of services that the independent accountants will be permitted to perform.

The Fund Treasurer and/or Director of Board 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 a general description of the services, actual billed and
projected fees, and the means by which such Fund Services or Fund-related
Adviser Services were pre-approved 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, 2006 and November 30, 2005 was zero.

(f)Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for
services rendered to the registrant, and rendered to the registrant's
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 for the fiscal years ended
November 30, 2006 and November 30, 2005 are approximately as follows:

                                 2006              2005
                                 ----              ----
                               $523,000          $271,800

(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.

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 and Anne-Lee Verville 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, LLC (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
may also address potential material conflicts of interest by delegating the
proxy to an independent third party voting agent.

The Advisor's Proxy Committee is composed of representatives of the Advisor's
investment management team, compliance, legal and fund administration
functions. In addition to the responsibilities described above, the Proxy
Committee has the responsibility to review, at least annually, the Advisor's
proxy voting policies to ensure consistency with internal and regulatory agency
policies and to develop additional predetermined voting guidelines to assist in
the review of proxy proposals.

The Proxy Committee may vary from a 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 a third party vendor to implement its proxy voting
process. The vendor provides proxy analysis, record keeping services and vote
disclosure services.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

(a)(1) PORTFOLIO MANAGER

MAUREEN G. NEWMAN, a senior vice president of Columbia Management Advisors,
LLC, is the manager for the Fund and has managed the Fund since January 2002.
Ms. Newman has been associated with Columbia Management Advisors, LLC or its
predecessors since May 1996.



(2) OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGER

The following table shows the number and assets of other investment accounts
(or portions of investment accounts) that the Fund's portfolio manager managed
as of the Fund's fiscal year-end.



                        Other SEC-
                   registered open-end
                      and closed-end       Other pooled
                          funds          investment vehicles     Other accounts
                  ---------------------- ------------------- ----------------------
                  Number of              Number of           Number of
Portfolio Manager accounts     Assets    accounts    Assets  accounts     Assets
----------------- --------- ------------ ---------   ------  --------- ------------
                                                     
Maureen G. Newman     3     $1.4 billion     0         $0       10     $3.7 million


None of these accounts are subject to an advisory fee that is based on the
performance of the account.

POTENTIAL CONFLICTS OF INTEREST IN MANAGING MULTIPLE ACCOUNTS

Like other investment professionals with multiple clients, a portfolio manager
for the Fund may face certain potential conflicts of interest in connection
with managing both the Fund and other accounts at the same time. The paragraphs
below describe some of these potential conflicts, which Columbia Management
Advisors, LLC believes are faced by investment professionals at most major
financial firms. Columbia Management Advisors, LLC and the Trustees of the Fund
have adopted compliance policies and procedures that attempt to address certain
of these potential conflicts.

The management of accounts with different advisory fee rates and/or fee
structures, including accounts that pay advisory fees based on account
performance ("performance fee accounts"), may raise potential conflicts of
interest by creating an incentive to favor higher-fee accounts. These potential
conflicts may include, among others:

    .  The most attractive investments could be allocated to higher-fee
       accounts or performance fee accounts.

    .  The trading of higher-fee accounts could be favored as to timing and/or
       execution price. For example, higher-fee accounts could be permitted to
       sell securities earlier than other accounts when a prompt sale is
       desirable or to buy securities at an earlier and more opportune time.

    .  The trading of other accounts could be used to benefit higher-fee
       accounts (front-running).

    .  The investment management team could focus their time and efforts
       primarily on higher-fee accounts due to a personal stake in compensation.



Potential conflicts of interest may also arise when the portfolio managers have
personal investments in other accounts that may create an incentive to favor
those accounts. As a general matter and subject to limited exceptions, Columbia
Management Advisors, LLC's investment professionals do not have the opportunity
to invest in client accounts, other than the Columbia Funds.

A potential conflict of interest may arise when the Fund and other accounts
purchase or sell the same securities. On occasions when a portfolio manager
considers the purchase or sale of a security to be in the best interests of the
Fund as well as other accounts, Columbia Management Advisors, LLC 's trading
desk may, to the extent permitted by applicable laws and regulations, aggregate
the securities to be sold or purchased in order to obtain the best execution
and lower brokerage commissions, if any. Aggregation of trades may create the
potential for unfairness to the Fund or another account if one account is
favored over another in allocating the securities purchased or sold -- for
example, by allocating a disproportionate amount of a security that is likely
to increase in value to a favored account.

"Cross trades," in which one Columbia account sells a particular security to
another account (potentially saving transaction costs for both accounts), may
also pose a potential conflict of interest. Cross trades may be seen to involve
a potential conflict of interest if, for example, one account is permitted to
sell a security to another account at a higher price than an independent third
party would pay. Columbia Management Advisors, LLC and the Funds' Trustees have
adopted compliance procedures that provide that any transactions between the
Fund and another Columbia-advised account are to be made at an independent
current market price, as required by law.

Another potential conflict of interest may arise based on the different
investment objectives and strategies of the Fund and other accounts. For
example, another account may have a shorter-term investment horizon or
different investment objectives, policies or restrictions than the Fund.
Depending on another account's objectives or other factors, a portfolio manager
may give advice and make decisions that may differ from advice given, or the
timing or nature of decisions made, with respect to the Fund. In addition,
investment decisions are the product of many factors in addition to basic
suitability for the particular account involved. Thus, a particular security
may be bought or sold for certain accounts even though it could have been
bought or sold for other accounts at the same time. More rarely, a particular
security may be bought for one or more accounts managed by a portfolio manager
when one or more other accounts are selling the security (including short
sales). There may be circumstances when purchases or sales of portfolio
securities for one or more accounts may have an adverse effect on other
accounts.

The Fund's portfolio manager who is responsible for managing multiple funds
and/or accounts may devote unequal time and attention to the management of
those funds and/or accounts. As a result, the portfolio manager may not be able
to formulate as complete a strategy or identify equally attractive investment
opportunities for each of those accounts as might be the case if he or she were
to devote substantially more attention to the management of a single fund. The
effects of this potential conflict may be more



pronounced where funds and/or accounts overseen by a particular portfolio
manager have different investment strategies.

The Fund's portfolio managers may be able to select or influence the selection
of the brokers and dealers that are used to execute securities transactions for
the Fund. In addition to executing trades, some brokers and dealers provide
portfolio managers with brokerage and research services (as those terms are
defined in Section 28(e) of the Securities Exchange Act of 1934), which may
result in the payment of higher brokerage fees than might have otherwise be
available. These services may be more beneficial to certain funds or accounts
than to others. Although the payment of brokerage commissions is subject to the
requirement that the portfolio manager determine in good faith that the
commissions are reasonable in relation to the value of the brokerage and
research services provided to the fund, a portfolio manager's decision as to
the selection of brokers and dealers could yield disproportionate costs and
benefits among the funds and/or accounts that he or she manages.

Columbia Management Advisors, LLC or an affiliate may provide more services
(such as distribution or recordkeeping) for some types of funds or accounts
than for others. In such cases, a portfolio manager may benefit, either
directly or indirectly, by devoting disproportionate attention to the
management of fund and/or accounts that provide greater overall returns to the
investment manager and its affiliates.

The Fund's portfolio manager(s) may also face other potential conflicts of
interest in managing the Fund, and the description above is not a complete
description of every conflict that could be deemed to exist in managing both
the Fund and other accounts. In addition, the Fund's portfolio manager may also
manage other accounts (including their personal assets or the assets of family
members) in their personal capacity. The management of these accounts may also
involve certain of the potential conflicts described above. Investment
personnel at Columbia Management Advisors, LLC, including the Fund's portfolio
manager, are subject to restrictions on engaging in personal securities
transactions pursuant to Codes of Ethics adopted by the Columbia Management
Advisors, LLC and the Fund, which contain provisions and requirements designed
to identify and address certain conflicts of interest between personal
investment activities and the interests of the Fund.

(3) COMPENSATION

As of the Fund's most recent fiscal year end, the portfolio manager received
all of her compensation from Columbia Management Advisors, LLC and its parent
company, Columbia Management Group, in the form of salary, bonus, stock options
and restricted stock. A portfolio manager's bonus is variable and is generally
based on (1) an evaluation of the manager's investment performance and (2) the
results of a peer and/or management review of such individual, which takes into
account skills and attributes such as team participation, investment process,
communication and professionalism. In evaluating investment performance,
Columbia Management Advisors, LLC generally considers the one-, three- and
five-year performance of mutual funds and other accounts



under the portfolio manager's oversight relative to the benchmarks and peer
groups noted below, emphasizing the manager's three- and five-year performance.
Columbia Management Advisors, LLC may also consider the portfolio manager's
performance in managing client assets in sectors and industries assigned to the
manager as part of her investment team responsibilities, where applicable. For
portfolio managers who also have group management responsibilities, another
factor in their evaluation is an assessment of the group's overall investment
performance.

 Portfolio Manager         Performance Benchmark     Peer Group
 -----------------         ------------------------  ------------------------
 Maureen G. Newman         Lehman Municipal Bond     Lipper General Municipal
                           Index                     Debt Funds (Leveraged)

The size of the overall bonus pool each year is determined by Columbia
Management Group and depends in part on levels of compensation generally in the
investment management industry (based on market compensation data) and Columbia
Management Advisors, LLC 's profitability for the year, which is influenced by
assets under management.

(4) OWNERSHIP OF SECURITIES

The table below shows the dollar ranges of shares of the Fund beneficially
owned (as determined pursuant to Rule 16a-1(a)(2) under the Securities Exchange
Act of 1934, as amended) by the portfolio manager listed above at the end of
the Fund's most recent fiscal year:

                  Dollar Range of Equity Securities in the Fund
Portfolio Manager Beneficially Owned
----------------- ---------------------------------------------
Maureen G. Newman None



Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.




                        Registrant Purchases of Equity Securities*
                                                          (c)
                                                    Total Number of            (d)
                              (a)         (b)     Shares Purchased as   Maximum Number of
                          Total Number  Average    Part of Publicly    Shares that May Yet
                           of Shares   Price Paid   Announced Plans    Be Purchased Under
Period                     Purchased   Per Share      or Programs     the Plans or Programs
------                    ------------ ---------- ------------------- ---------------------
                                                          
06/01/06 through 06/30/06     6,401      $10.27          6,401                 N/A
07/01/06 through 07/31/06     6,346      $ 9.93          6,346                 N/A
08/01/06 through 08/31/06     6,073      $10.40          6,073                 N/A
09/01/06 through 09/30/06     5,770      $10.56          5,770                 N/A
10/01/06 through 10/31/06     5,556      $10.81          5,556                 N/A
11/01/06 through 11/30/06     5,618      $11.19          5,618                 N/A
                             ------      ------         ------                 ---
Total                        35,764      $10.51         35,764                 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 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 was no change 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 Investment Grade Municipal Trust
                         -----------------------------------------

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

Date                     January 25, 2007
                         -----------------------------------------

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 25, 2007
                         -----------------------------------------

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

Date                     January 25, 2007
                         -----------------------------------------