COLONIAL TAX-EXEMPT MONEY MARKET FUND
Supplement to Prospectus
On February 17, 1995, the Fund's Trustees approved,
subject to shareholder approval, the conversion of the
Fund to a master/feeder structure. A special meeting of
shareholders will be held in the near future for the
purpose of considering this proposal. Under the
proposal, the Fund would transfer all of its assets and
liabilities in exchange for an interest in an investment
trust (the master fund) managed by Stein Roe & Farnham,
Incorporated, a subsidiary of Liberty Financial
Companies, Inc., with investment objectives and policies
substantially similar to those of the Fund. Thereafter,
the Fund would seek to achieve its objective of current
tax-exempt income, preservation of capital and liquidity
by its investment in the master fund.
TM-36/765A-0395 March 21, 1995
