Colonial Global Equity fund

                  Supplement to Prospectus dated March 1, 1999

Effective immediately,  Gita Rao no longer co-manages the Colonial Global Equity
Fund.  Nicolas Ghajar continues to manage the Fund and is now the sole portfolio
manager of the Fund.


GE-36/793H-0999                                               September 14, 1999
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                             COLONIAL INTERNATIONAL
                                  HORIZONS fund

                  Supplement to Prospectus dated March 1, 1999

Effective immediately,  Gita Rao no longer co-manages the Colonial International
Horizons Fund.  Nicolas Ghajar  continues to manage the Fund and is now the sole
portfolio manger of the Fund.


HZ-36/794H-0999                                               September 14, 1999



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