Colonial International Horizons Fund
Supplement to March 1, 2000 Prospectus
and Statement of Additional Information
(Replacing Supplement dated March 15, 2000)
The Fund's Prospectus and Statement of Additional Information are amended as
follows:
Pursuant to the Board of Trustees' approval, the Fund has changed its investment
goals and investment strategy. The section "Investment Goals" and the first
sentence of the first paragraph under "Primary Investment Strategies" on page 2
of the Prospectus are amended as follows, and the section "Inflation Sensitive
Companies" on page 2 of the Prospectus is deleted in its entirety and replaced
with the section "Growth Companies" below:
Investment Goal
--------------------------------------------------------------------------------
The Fund seeks long-term growth.
Primary Investment Strategies
--------------------------------------------------------------------------------
Under normal market conditions, the Fund invests at least 65% of its total
assets in the equity securities of growth companies located outside of the
United States.
Growth Companies
--------------------------------------------------------------------------------
In selecting stocks for the Fund, the advisor will choose stocks of growth
companies with long-term, above average growth potential. These companies will
be found in market segments that are driving economic growth. Stock selection
will target companies with proven management, predictable growth rates and low
levels of debt.
The Prospectus also is amended as follows:
Portfolio Managers. On March 15, 2000, Charles R. Roberts, Michael Ellis and
Deborah F. Snee replaced Nicholas Ghajar as co-managers of the Fund. On that
same date, each of the co-managers became joint employees of Colonial
Management Associates, Inc. (Colonial), Stein Roe & Farnham Incorporated
(Stein Roe), and Newport Fund Management, Inc. (Newport). Colonial, the
Fund's investment advisor, and Stein Roe are indirect wholly owned subsidiaries
of Liberty Financial Companies, Inc. (LFC). Newport, a federally
registered investment advisor that specializes in international investing, is a
wholly owned subsidiary of LFC.
Mr. Roberts is a Senior Vice President of both Colonial and Stein Roe, and a
Managing Director of both Newport and Newport Pacific Management, Inc. (Newport
Pacific), Newport's immediate parent. Mr. Roberts has been employed with Newport
and Newport Pacific since November, 1998, where he manages other funds or
accounts on behalf of Newport and Newport Pacific. Prior to joining Newport and
Newport Pacific, he managed the European component of institutional
international equity accounts at Progress Investment Management (Progress) since
1997. Prior to joining Progress in 1997, he managed the European component of
institutional international equity accounts and was a member of the investment
policy committee at Sit/Kim International since prior to 1994.
Mr. Ellis is a Senior Vice President of Colonial, Stein Roe, Newport and
Newport Pacific. Prior to joining Newport and Newport Pacific in December,
1996, he was a Vice President at Matthews International Capital Management
since September, 1991.
Ms. Snee is an analyst at Colonial and Stein Roe, and a Vice President
and Europe analyst at Newport. Prior to working at Newport,
Ms. Snee spent five years at Sit/Kim as an emerging markets analyst.
Investment Advisor. On March 15, 2000, Colonial started using Newport's trading
facilities to buy and sell foreign securities for the Fund's portfolio. Newport
executes all trades under its own procedures.
This Supplement is dated June 5, 2000.
782-36/676B-0500
