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COLONIAL SELECT VALUE FUND Supplement to Prospectus dated February 28, 1997 Effective April 24, 1997, Peter Wiley no longer co-manages the Fund. Daniel Rie, Senior Vice President and Director of the Adviser and head of the Equity Group, has managed or co-managed the Fund and various other Colonial equity funds since 1986. SV-36/626D-0497 May 1, 1997
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