COLONIAL NEW YORK TAX-EXEMPT
FUND
COLONIAL TAX-EXEMPT INSURED
FUND
Supplement to Prospectuses
Effective September 25, 1997,
Gary Swayze, a Vice President
of Colonial Management
Associates, Inc. (Adviser),
became the portfolio manager
of the Colonial New York Tax-
Exempt Fund and Colonial Tax-
Exempt Insured Fund. Prior to
joining the Adviser in 1997,
Mr. Swayze was a portfolio
manager and group leader at
Fidelity Management and
Research Company and the
writer and editor of a bond
market newsletter.
TI-36/201E-0997 October 6, 1997
