COLONIAL HIGH YIELD MUNICIPAL FUND
Supplement to Prospectus dated
March 31, 1997, Revised August 1, 1997
(Replacing Supplement dated October 7, 1997)
The Fund's Prospectus is amended as follows:
(1) Maureen G. Newman, Vice President of the Adviser, has managed the Fund
since December 1997. Ms. Newman has managed various other Colonial
tax-exempt funds since May 1996. Prior to joining the Adviser, Ms. Newman
was a portfolio manager and bond analyst at Fidelity Investments from
May 1985 until May 1996.
Effective December 1, 1997, Bonny E. Boatman no longer managed the Fund.
Effective August 27, 1997, Peter Andersen no longer managed the Fund.
(2) Effective in January 1998 the Fund's custodian will be The Chase Manhattan
Bank, 4 Chase MetroTech Center, Brooklyn, NY 11245.
(3) The Fund's Distributor has changed its name to "Liberty Financial
Investments, Inc." The Distributor's address and telephone number remain
unchanged.
HM-36/630E-1297 January 2, 1998
