COLONIAL TRUST IV, N-30D, 1998-03-06

COLONIAL TRUST IV
N-30D, 1998-03-06

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<PAGE>

COLONIAL MUNICIPAL MONEY MARKET FUND Semiannual report

December 31, 1997

[GRAPHIC OMITTED]

-----------------------------------------------
Not FDIC May Lose Value
Insured No Bank Guarantee
-----------------------------------------------

<PAGE>
- --------------------------------------------------------------------------------

COLONIAL MUNICIPAL MONEY MARKET FUND HIGHLIGHTS

JULY 1, 1997 - DECEMBER 31, 1997

INVESTMENT OBJECTIVE: Colonial Municipal Money Market Fund seeks maximum current
income exempt from Federal income tax by investing principally in a diversified
portfolio of short-term municipal securities.

STRATEGY: The Fund pursues its objective by investing all of its assets in the
SR&F Municipal Money Market Portfolio (Portfolio), a municipal money market fund
with the same investment objective as the Fund.

PORTFOLIO MANAGER COMMENTARY: "We maintained a relatively neutral market
position throughout the six-month period, waiting to see if the Federal Reserve
Board (Fed) would raise or maintain interest rates. We did not want to make any
changes in the Portfolio's structure that would have negative effects should
interests rates increase. Therefore, we invested a large percentage of the
Portfolio's assets in weekly and daily variable rate notes. This strategy
allowed us to keep the Portfolio's maturity at a level that we believed would
provide flexibility in an uncertain environment. The maturity level was short
enough to invest in inexpensive bonds should the Fed raise rates; yet long
enough to lock in current rates should the Fed lower rates."

-- Ronnie Wallace

COLONIAL MUNICIPAL MONEY MARKET FUND PERFORMANCE
<TABLE>

CLASS A CLASS B CLASS C

<S> <C> <C> <C>
Inception dates 6/16/87 5/5/92 8/1/97
Distributions declared per share $0.015 $0.013 $0.011
Seven-day yields on 12/31/97 3.37% 2.40% 2.99%
Seven-day taxable-equivalent yields on 12/31/97(1) 5.58% 3.97% 4.95%
30-day yields on 12/31/97 3.21% 2.23% 2.82%
</TABLE>

(1) Taxable-equivalent yields are based on the 39.6% Federal income tax rate.
<TABLE>
<CAPTION>

PORTFOLIO BREAKDOWN PORTFOLIO MATURITY
(as of 12/31/97) (as of 12/31/97)
......................................... .........................................
<S> <C> <C> <C>
Variable Rate Notes.......... 68.4% 0-29 days.................... 69.0%
Other Tax Exempts............ 10.8% 30-59 days................... 5.7%
Tax-Exempt Bonds............. 10.0% 60-89 days................... 3.5%
Commercial Paper............. 6.2% 90-179 days.................. 12.1%
Put Bonds.................... 2.6% 180-359 days................. 9.7%
Tax Anticipation Notes....... 2.0%
</TABLE>

Portfolio breakdown and maturity weightings are calculated as a percentage of
unaudited total market value of the investment portfolio. Because it is actively
managed, there can be no guarantee the Portfolio will continue to hold or invest
in these securities in the future.

An investment in the Fund is not insured or guaranteed by the U.S. government.
There can be no assurance that the $1.00 net asset value per share will be
maintained.
- --------------------------------------------------------------------------------
2

<PAGE>
- --------------------------------------------------------------------------------

PRESIDENT'S MESSAGE
TO FUND SHAREHOLDERS

I am pleased to present the semiannual report for Colonial Municipal Money
Market Fund. This report reflects on the investment environment for the 6 months
ended December 31, 1997.

Over the past six months, generally favorable conditions prevailed for the bond
market. Economic growth continued, and inflation remained subdued. Since low
inflation reflected competitive pricing and strong productivity gains, the
Federal Reserve Board (Fed) did not raise short-term interest rates again after
the 0.25% increase in March.

[PHOTO:HAROLD W. COGGER OMITTED]

Yield spreads between high and low quality bonds tightened during the period.
That meant investors did not receive much benefit for taking on the additional
risk associated with lower quality issues as spreads narrowed. These bonds also
remained in short supply for most of the period, resulting in higher prices.
Even when the supply increased at the end of the year, the price of lower
quality bonds kept rising as investors increasingly "reached" for yield.

Looking forward, we anticipate that low unemployment, growth in personal income,
accelerated business productivity and consumer spending will remain sound. We
also believe that inflation rates are likely to drift even lower as this climate
of economic expansion continues in 1998.

Since we were concerned that the Fed would raise interest rates during the
period, we increased our holdings in variable rate demand notes -- bonds that
reset their rates daily and weekly. These securities help us manage our average
maturity and provide liquidity for the Fund. We positioned the Portfolio to
respond to current market conditions, and will purchase longer-maturity
securities to help lock in rates if we see signs that rates will decrease. Until
concrete evidence points toward a tightening or easing of interest rates, we
will remain neutral and continue to evaluate investment opportunities in the
market.

Thank you for the opportunity to help you meet your investment goals.

Sincerely,

/s/ Harold W. Cogger
- ------------------------
Harold W. Cogger
President
February 9, 1998

Because market conditions change frequently, there can be no assurance that the
trends described here will continue.
- --------------------------------------------------------------------------------
3

<PAGE>
SR&F MUNICIPAL MONEY MARKET PORTFOLIO
INVESTMENT PORTFOLIO
DECEMBER 31, 1997 (IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>

MUNICIPAL SECURITIES - 100.2% PAR VALUE
-------------------------------------------------------------------------------------------
...........................................................................................
ARIZONA - 0.8%
<S> <C> <C>
* Maricopa County I.D.A. Multi-family Housing Revenue
(Vista Ventana Apartments Project gtd. by Federal
National Mortgage Association) V.R.D.B. 4.200% 1,200 $ 1,200
----------

............................................................................................
ARKANSAS - 3.6%
* Clark County Solid Waste Disposal Revenue
(Reynolds Metals Co. Project L.O.C. SunTrust
Company Bank) V.R.D.B. 3.950% 3,000 3,000
* Pulaski County Public Facilities Board Multi-family
Revenue (Chenel Park Apartments Project,
L.O.C. PNC Bank Kentucky, Inc.) V.R.D.B. 3.900% 2,550 2,550
----------
5,550
----------

...........................................................................................
CALIFORNIA - 3.6%
City of Orange I.D.A. I.D.R. Series A (Control
Air Conditioning Project L.O.C. California State
Teachers Retirement Fund) V.R.D.B. 3.850% 1,000 1,000
California School Cash Reserve Program Authority
Pool, Series A (AMBAC Insured) 4.750% 7/02/98 1,000 1,004
California Statewide Community Development Authority
T.R.A.N., Series A (FSA Insured) 4.500% 6/30/98 2,000 2,007
Los Angeles County G.O. T.R.A.N., Series A
4.500% 6/30/98 1,000 1,003
Los Angeles Unified School District G.O. T.R.A.N.
1997-98 4.500% 7/01/98 500 502
----------
5,516
----------

...........................................................................................
COLORADO - 3.3%
Arapahoe County T.A.N. (Cherry Creek No. 5)
4.500% 6/30/98 1,000 1,003
* Denver Airport System Revenue (L.O.C. Bayerische
Landesbank Girozentrale) Series A
3.800% Mandatory Put 1/29/98 1,000 1,000
3.800% Mandatory Put 2/26/98 1,000 1,000
3.700% Mandatory Put 4/09/98 1,000 1,000
Denver City and County Airport Revenue (L.O.C.
Westdeutsche Landesbank Girozentrale) Series B
V.R.D.B. 4.100% 1,000 1,000
----------
5,003
----------
</TABLE>
4

<PAGE>

Investment Portfolio/December 31, 1997
------------------------------------------------------------------------------------------
DELAWARE - 1.3%
<S> <C> <C>
* Delaware Economic Authority I.D.R. Series C
(Star Enterprise) (Delaware Clean Power Project
L.O.C. Canadian Imperial Bank) V.R.D.B. 3.950% $ 2,000 $ 2,000
----------

..........................................................................................
DISTRICT OF COLUMBIA - 2.0%
District of Columbia Revenue (American University L.O.C.
National Westminster Bank) V.R.D.B. 4.200% 1,100 1,100
District of Columbia G.O. T.R.A.N. Series A (L.O.C.
Morgan Guaranty Trust, New York) V.R.D.B. 3.850% 1,000 1,000
District of Columbia T.R.A.N. Series C (L.O.C. Union
Bank of Switzerland) 5.000% 9/30/98 1,000 1,008
----------
3,108
----------

..........................................................................................
FLORIDA - 0.5%
* Martin County Solid Waste Disposal Revenue (Florida
Power & Light Company Project) V.R.D.B. 5.100% 700 700
----------

..........................................................................................
GEORGIA - 1.8%
* Gwinnett County Development Authority I.D.R.
(Price Companies, Inc. Project L.O.C.
NationsBank) V.R.D.B. 4.350% 2,800 2,800
----------

..........................................................................................
..........................................................................................
IDAHO - 0.7%
Idaho T.A.N. 4.625% 6/30/98 1,000 1,004
----------

..........................................................................................
ILLINOIS - 10.8%
Chicago Economic Development Revenue (Crane
Carton Company Project L.O.C. Northern
Trust) V.R.D.B. 4.300% 750 750
Chicago Revenue (De La Salle Institute Project
L.O.C. Northern Trust Chicago) V.R.D.B. 3.750% 1,000 1,000
Chicago Tax Increment Refunding Allocation
Series A (Stockyards L.O.C. Northern Trust,
Chicago) V.R.D.B. 3.750% 1,500 1,500
Cook County School District No. 100 G.O.
(Berwyn South, FSA Insured) 8.200% 12/01/98 375 389
Illinois Development Finance Authority (Rest Haven,
Illinois L.O.C. Federal Home Loan Bank and South
Holland Trust & Savings) V.R.D.B. 4.000% 1,000 1,000
* Illinois Development Finance Authority Sewage
Facilities Revenue (Nutrasweet Co. Project
gtd. by Monsanto Co.) V.R.D.B. 3.950% 4,100 4,100
* Illinois Development Finance Authority Solid Waste
Disposal Revenue (Waste Management, Inc. Project)
(gtd. by Chase Manhattan Bank) V.R.D.B. 3.850% 2,000 2,000
Illinois Health Facility Authority Revenue (University
of Chicago Project) 3.750% Mandatory Put 5/27/98 1,000 1,000

</TABLE>
5

Investment Portfolio/December 31, 1997
--------------------------------------------------------------------------------------
MUNICIPAL SECURITIES - CONT. PAR VALUE
--------------------------------------------------------------------------------------
<S> <C> <C>
ILLINOIS - CONT.
* Illinois Student Assistance Student Loan
Revenue, Series 1996A, (L.O.C. Bank of
America of Illinois) V.R.D.B. 3.750% $ 1,900 $ 1,900
Northbrook Park District G.O. 5.800% 11/01/98
Quad Cities Regional Economic Development 800 812
Authority Revenue (Steel Warehouse) (L.O.C.
Banc One, Indiana) V.R.D.B. 4.250% 2,000 2,000
----------
16,451
----------

.....................................................................................
INDIANA - 8.0%
* Crawfordsville Economic Development Revenue
(Pedcor Investments Shady Knoll L.O.C.
Federal Home Loan Bank) V.R.D.B. 4.200% 1,575 1,575
Fort Wayne Hospital Authority Revenue
(Parkview Memorial Hospital L.O.C.
Bank of America, Illinois) V.R.D.B. 3.650%
Series B 1,000 1,000
Series C 1,000 1,000
* Franklin Economic Development Revenue
Refunding (Pedcor Investments-Lakeview I
Apartments L.O.C. Project Federal Home
Loan Bank, Indianapolis) V.R.D.B. 4.200% 2,885 2,885
Gary Environmental Improvement Revenue
(U.S. Steel Corp. Project L.O.C. Bank of Nova
Scotia) V.R.D.B. 4.050% 500 500
Indiana Educational Facilities Authority Revenue
Refunding (University of Notre Dame)
3.800% 3/10/98 315 315
* Kokomo Economic Development Revenue (Village
Community Partners IV Project L.O.C. Federal
Loan Bank) V.R.D.B. 4.200% 2,940 2,940
* LaPorte County Economic Development Revenue
(Woodland Project L.O.C. Federal Home
Loan Bank) V.R.D.B. 4.200% 1,983 1,983
----------
12,198
----------

.....................................................................................
IOWA - 6.0%
* Clinton I.D.R. (Sethness Products Project L.O.C.
Northern Trust) V.R.D.B. 4.250% 3,400 3,400
Iowa School Corporations Cash Anticipation Program
Warrant Certificates (FSA Insured)
Series 1996-97 B 4.250% 1/30/98 1,000 1,000
Series 1997-98 A 4.500% 6/26/98 3,000 3,010
Muscatine County P.C.R. (Mosanto Co. Project)
V.R.D.B. 3.800% 1,800 1,800
----------
9,210
----------

</TABLE>
6

Investment Portfolio/December 31, 1997
- -----------------------------------------------------------------------------------------------
KANSAS - 0.9%
<S> <C> <C>
* Butler County Solid Waste Disposal Facilities
Revenue Series A (Texaco Refining & Marketing)
Series A V.R.D.B. 5.150% $ 300 $ 300
Topeka G.O. Series B 4.250% 3/04/98 1,000 1,001
----------
1,301
----------

.............................................................................................
KENTUCKY - 5.4%
Clark County P.C.R. Series J-1 (Eastern Kentucky
Power gtd. by National Rural Utilities Cooperative
Finance Corp.) 3.700% Optional Put 4/15/98 1,000 1,000
* Covington I.D.R. Series 1991 (White Castle Distributing
L.O.C. Banc One, Columbus) V.R.D.B. 4.250% 3,890 3,890
Kentucky Economic Development Finance Authority
Hospital Facilities Revenue (Baptist Healthcare System
L.O.C. Canadian Imperial Bank) V.R.D.B. 3.650% 500 500
* Pulaski County Solid Waste Disposal Revenue
Series B (East Kentucky Power Corp., gtd. by
National Rural Utilities Cooperative Finance
Corp.) 3.700% Optional Put 2/15/98 1,000 1,000
* Shelby County Industrial Building Revenue
(Roll Forming Corp. L.O.C. Banc One of Kentucky)
V.R.D.B. 4.250% 1,865 1,865
----------
8,255
----------

.............................................................................................
LOUISIANA - 1.1%
* Lake Charles Harbor & Terminal District P.C.R.
Revenue (Conoco, Inc. Project) (gtd. by
E.I. DuPont) V.R.D.B. 5.100% 700 700
City of Shreveport G.O. (MBIA Insured)
8.000% 6/01/98 685 696
St. Mary Parish Consolidated School District No. 1
(FSA Insured) 10.000% 3/01/98 345 348
----------
1,744
----------

.............................................................................................
MARYLAND - 1.0%
* Anne Arundel Economic Development Revenue
(Baltimore Gas and Electric) 3.750% Mandatory
Put 4/22/98 1,500 1,500
----------

.............................................................................................
MICHIGAN - 3.3%
Detroit School District Aid Notes 4.500% 5/01/98 2,000 2,004
Detroit School District G.O. Series A
(AMBAC Insured) 4.200% 5/01/98 500 500
Michigan Building Authority (L.O.C. Canadian
Imperial Bank) 3.750% 3/02/98 1,000 1,000
Michigan Job Authority (Michigan Sugar L.O.C. Trust
Company Bank) V.R.D.B. 4.200% 1,600 1,600
----------
5,104

</TABLE>
7

Investment Portfolio/December 31, 1997
------------------------------------------------------------------------------------------------
MUNICIPAL SECURITIES - CONT. PAR VALUE
------------------------------------------------------------------------------------------------
..............................................................................................
MISSOURI - 3.7%
<S> <C> <C>
Clay County G.O. (FSA Insured) 4.000% 3/1/98 $ 1,645 $ 1,645
* Jefferson County I.D.A. Revenue, Series A
(GHF Holdings LLC Project L.O.C. Banc One,
Indiana) V.R.D.B. 4.250% 3,945 3,945
----------
5,590
----------

...............................................................................................
NEW HAMPSHIRE - 2.5%
New Hampshire Business Finance Authority P.C.R.
Series 1992 D (Public Service Company Project
L.O.C. Barclays Bank PLC) V.R.D.B. 3.800% 600 600
* New Hampshire Business Finance Authority
Resource Recovery Revenue Series B (Wheelabrator
Concord L.O.C. Wachovia Bank) V.R.D.B. 3.750% 1,200 1,200
* New Hampshire Industrial Development P.C.R.
(New England Power Co.)
3.800% Mandatory Put 2/19/98 1,000 1,000
3.800% Mandatory Put 4/09/98 1,000 1,000
----------
3,800
----------

..............................................................................................
NORTH DAKOTA - 0.6%
* Mercer County Solid Waste Disposal Revenue Series
1993 U (gtd. by National Rural Utilities Cooperative
Finance Corp.) 3.800% Optional Put 6/01/98 1,000 1,000
----------

..............................................................................................
OHIO - 0.7%
Cuyahoga County Hospital Revenue (Metrohealth
Systems, MBIA Insured) 5.000% 2/15/98 510 511
Ohio Environmental Improvement Revenue
(U.S. Steel Corp. Project) (L.O.C. Pittsburgh
National Bank) V.R.D.B. 4.000% 400 400
* Ohio Housing Finance Agency Mortgage Revenue
Series A2 (L.O.C. Government National
Mortgage Association) 4.050% 9/01/98 160 160
----------
1,071
----------

..............................................................................................
OREGON - 0.3%
Salem Water & Sewage Revenue (FGIC Insured)
4.000% 5/01/98 540 540
----------

..............................................................................................
PENNSYLVANIA - 3.4%
* Pennsylvania Higher Education Assistance Agency
Student Loan Revenue Series A (L.O.C. Student
Student Loan Marketing Association)
V.R.D.B. 3.850% 2,000 2,000

</TABLE>
8

Investment Portfolio/December 31, 1997
--------------------------------------------------------------------------------------------

<S> <C> <C>
Philadelphia G.O. T.R.A.N. Series A 4.500% 6/30/98 $ 1,000 $ 1,002
Quakertown General Authority Revenue Series 1996A
(L.O.C. PNC Bank, N.A.) V.R.D.B. 3.750% 2,200 2,200
----------
5,202
----------

..........................................................................................
SOUTH CAROLINA - 3.7%
Clemson University Revenue Series A (AMBAC 1,395 1,398
Insured) 4.500% 5/01/98
Richland County Hospital Facilities Revenue
Refunding Series B (Baptist Hospital)
(AMBAC Insured) 6.200% 8/01/98 250 253
* South Carolina Jobs Economic Development
Authority Hospital Facilities Revenue
(Specialty Equipment Companies L.O.C. Bank
of America, Illinois) V.R.D.B. 4.250% 3,000 3,000
Sumter County School District No. 2 G.O.
4.400% 4/01/98 1,000 1,002
----------
5,653
----------

..........................................................................................
SOUTH DAKOTA - 0.6%
Yankton I.D.R. (Alumax Project L.O.C. Bank of
America, NT & SA) V.R.D.B. 4.100% 1,000 1,000
----------

..........................................................................................
TENNESSEE - 2.6%
* McMinn County Industrial Development Board
I.D.R. (Creative Fabrication Corp. L.O.C. NBD
Bank) V.R.D.B. 4.350% 3,510 3,510
Metropolitan Government Nashville & Davidson
County Health & Educational Facilities Board
Revenue Series 1993 (Richland Place, Inc. Project
L.O.C. Societe Generale) V.R.D.B. 3.750% 400 400
----------
3,910
----------

..........................................................................................
TEXAS - 12.1%
* Brazos River Authority P.C.R. Series 1995A
(Texas Utilities) (L.O.C. Morgan Guaranty Trust,
New York) V.R.D.B. 5.100% 200 200
* Brazos River Harbor District P.C.R. (Brazoria County)
(Dow Chemical) 3.800% Mandatory Put 4/07/98 2,000 2,000
Dallas Equipment Acquisition Contractual G.O.
4.250% 2/15/98 1,500 1,501
Everman Independent School District Refunding
G.O. (gtd. by PSF) 4.550% 8/01/98 1,000 1,004
Galena Park Independent School District Refunding
G.O. (gtd. by PSF) 4.500% 8/15/98 100 100

</TABLE>
9

Investment Portfolio/December 31, 1997
- --------------------------------------------------------------------------------------------
MUNICIPAL SECURITIES - CONT. PAR VALUE
- --------------------------------------------------------------------------------------------
TEXAS - CONT.
<S> <C> <C>
* Gulf Coast Waste Disposal Authority (Amoco Oil
Co. Project gtd. by Amoco Corp.) V.R.D.B. 5.100%
Series 1994 $ 1,000 $ 1,000
Series 1996 300 300
Harlandale Independent School District Refunding
(gtd. by PSF) 4.000% 2/01/98 450 450
Harris County T.A.N. 4.250% 2/27/98 1,000 1,001
* Harris County Industrial Development Corp. I.D.R.
(Precision General, Inc. Project L.O.C. Morgan
Guaranty Trust) V.R.D.B. 4.250% 2,060 2,060
Houston G.O. Refunding 8.000% 2/01/98 500 502
* North Texas Higher Education Authority Student
Revenue Refunding Series A (L.O.C. Student
Marketing Association) V.R.D.B. 3.750% 1,100 1,100
* Robertson County Industrial Development Corp.
Series 1995 (Sanderson Farms, Inc. Project L.O.C.
Harris Trust and Savings Bank) V.R.D.B. 3.900% 1,900 1,900
San Angelo Independent School District G.O.
(gtd. by PSF) 4.250% 2/15/98 725 725
Texas Department Housing and Community Affairs
Multi-family Revenue Refunding Series B (Remington
Hill L.O.C. Trust Company Bank) V.R.D.B. 3.750% 2,100 2,100
Texas T.R.A.N. Series 1997A 4.750% 8/31/98 2,000 2,011
Ysleta Independent School District Refunding G.O.
(gtd. by PSF) 3.800% 8/15/98 550 550
----------
18,504
----------

.........................................................................................
VIRGINIA - 0.6%
Bedford County I.D.A. I.D.R. Refunding
(Nekoosa Packaging Project L.O.C. Canadian
Imperial Bank) V.R.D.B. 4.150% 1,000 1,000
----------

.........................................................................................
WASHINGTON - 2.8%
* Washington Multi-family Housing Finance Commission
Revenue Series A (Hamilton Place Project
L.O.C. U.S. Bank of Washington) V.R.D.B. 4.350% 1,140 1,140
* Yakima County Public Corp. I.D.R. (John I. Haas, Inc.
Project L.O.C. Bayerische Vereinsbank AG)
V.R.D.B. 4.300% 3,150 3,150
----------
4,290
----------
</TABLE>
10

Investment Portfolio/December 31, 1997
- ------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 0.7%
West Virginia School Building Authority Capital
Improvement Revenue (MBIA Insured)
6.000% 7/01/98 $ 1,000 $ 1,011
----------

.....................................................................................................................
WISCONSIN - 11.2%
* Carlton P.C.R. Series 1988 (Wisconsin Power &
<S> <C> <C>
Light Co.) V.R.D.B. 3.800% 7,000 7,000
* Fond Du Lac I.D.R. (Brenner Tank, Inc. L.O.C. Banc
One, Wisconsin) V.R.D.B. 4.250% 2,975 2,975
* Holland I.D.R. (White Clover Dairy, Inc. Project
L.O.C. Banc One, Wisconsin)
V.R.D.B. 4.250% 2,435 2,435
* Kenosha I.D.R. (Monarch Plastics, Inc. L.O.C.
Banc One, Wisconsin) V.R.D.B. 4.250% 2,090 2,090
Janesville Wisconsin School District G.O.
(FSA Insured) 6.500% 3/01/98 1,000 1,004
* Oak Creek I.D.R. Series 1995 (McAdams Graphics, Inc.
L.O.C. Banc One, Wisconsin) V.R.D.B. 4.250% 1,600 1,600
----------
17,104
----------

.....................................................................................................................
WYOMING - 0.6%
Wyoming General Fund T.R.A.N. 4.250% 6/26/98 1,000 1,002
----------

TOTAL MUNICIPAL SECURITIES - 100.2%
(Amortized cost $153,321) 153,321
----------

OTHER ASSETS & LIABILITIES, NET - (0.2)% (355)
---------------------------------------------------------------------------------------------------------------------

NET ASSETS - 100.0% $ 152,966
----------

</TABLE>

* These securities are subject to federal alternative minimum tax. At
December 31, 1997, these securities represented 59.5 percent of net
assets.

See notes to financial statements.

SR&F MUNICIPAL MONEY MARKET PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
DECEMBER 31, 1997 (UNAUDITED)

<S> <C> <C>
(in thousands)
ASSETS
Investments at value (cost $153,321) $ 153,321

Receivable for:
Investments sold $ 2,000
Interest 1,116
Cash 4 3,120
------------ --------------
Total Assets 156,441

LIABILITIES
Payable for investments purchased 3,401
Payable to investment adviser 36
Other liabilities 38
-----------
Total Liabilities 3,475
--------------

NET ASSETS applicable to investors' beneficial interests $ 152,966
==============
</TABLE>
<TABLE>
<CAPTION>

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1997
(UNAUDITED)

(in thousands)
INVESTMENT INCOME
<S> <C> <C>
Interest income $ 2,771

EXPENSES
Management fee $ 182
Accounting fees 14
Audit and legal fees 9
Trustees' fees 7
Custodian fees 3
Other 39
----------- ---------
254

Net Investment Income $ 2,517
---------

</TABLE>

See notes to financial statements.

SR&F MUNICIPAL MONEY MARKET PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS

(Unaudited)
Six months
ended Year ended
(in thousands) December 31 June 30
------------ ----------
INCREASE (DECREASE)IN NET ASSETS 1997 1997
<S> <C> <C>
Operations:
Net investment income $ 2,517 $ 4,728
------------ ----------

Transactions in investors' beneficial interests:
Contributions 49,721 118,114
Withdrawals (38,200) (126,842)
------------ ----------
Net transactions in investors'
beneficial interest 11,521 (8,728)
------------ ----------
Net increase (decrease) in net assets 14,038 (4,000)

NET ASSETS
Beginning of period 138,928 142,928
------------ ----------
End of period $ 152,966 $ 138,928
============ ==========

</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS

(Unaudited)
Six months
ended Year ended Period ended
December 31 June 30 June 30 (a)
------------- ------------- ---------------
RATIOS TO AVERAGE 1997 1997 1997
NET ASSETS
<S> <C> <C> <C>
Expenses 0.35% (b) 0.32% 0.30% (b)
Net investment income 3.46% (b) 3.36% 3.50% (b)

</TABLE>

(a) The Portfolio commenced operations September 28, 1995.
(b) Annualized.

See notes to financial statements.

<PAGE>
SR&F MUNICIPAL MONEY MARKET
PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 (UNAUDITED)

NOTE 1. ORGANIZATION OF THE SR&F MUNICIPAL MONEY MARKET PORTFOLIO
.........................................................................
The SR&F Municipal Money Market Portfolio (the "Portfolio") is a separate
series of the SR&F Base Trust, a Massachusetts common trust organized
under an Agreement and Declaration of Trust dated August 23, 1993. The
Declaration of Trust permits the Trustees to issue non-transferable
interests in the portfolio.

The Portfolio allocates net asset value, income and expenses based on
respective percentage ownership of each investor on a daily basis. At
December 31, 1997, Stein Roe Municipal Money Market Fund and Colonial
Municipal Money Market Fund owned 85.1 percent and 14.9 percent,
respectively.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
.........................................................................
The following are the significant accounting policies of the Portfolio.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosures of contingent assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases
in net assets from operations during the reporting period. Actual results
could differ from those estimates.

SECURITY VALUATIONS: All securities are valued as of December 31, 1997.
Municipal securities are valued at amortized cost, which approximates
market value. This method involves valuing an instrument at cost on the
purchase date and thereafter assuming a constant amortization to maturity
of any discount or premium, regardless of the impact of fluctuating
interest rates on the market value of the instrument and does not take
into account unrealized securities gains or losses. Other assets and
securities are valued by a method that the Board of Trustees believes
represents a fair value.

FEDERAL INCOME TAXES: No provision is made for federal income taxes,
because the Portfolio is treated as a partnership for federal income tax
purposes and all of its income is allocated to its owners based on
respective percentages of ownership.

OTHER INFORMATION: Realized gains or losses from sales of securities are
determined on the specific identified cost basis.

<PAGE>

Notes to Financial Statements/December 31, 1997
-------------------------------------------------------------------------

A maturity date is not shown for municipal securities bearing variable or
floating interest rates that are adjusted periodically to minimize
fluctuations in the value of such securities. All amounts are shown in
thousands.

NOTE 3. PORTFOLIO COMPOSITION
.........................................................................
The Portfolio invests in municipal securities including, but not limited
to, general obligation bonds, revenue bonds and escrowed bonds (which are
bonds that have been refinanced, the proceeds of which have been invested
in U.S. Government or agency obligations and set aside to pay off the
original issue at the first call date or maturity). The Portfolio's
investments included certain municipal securities that are insured by
private insurers who guarantee the payment of principal and interest in
the event of default.

The Portfolio's investments included certain short-term securities that
are backed by bank letters of credit used to provide liquidity to the
issuer and/or additional security in the event of default by the issuer.
At December 31, 1997, 59.4 percent of the Portfolio was backed by bank
letters of credit. See Portfolio's schedule of investments for additional
information on portfolio composition.

NOTE 4. TRUSTEES FEES AND TRANSACTIONS WITH AFFILIATES
.........................................................................
The Portfolio pays monthly management fees to Stein Roe & Farnham
Incorporated (the "Adviser"), an indirect, majority-owned subsidiary of
Liberty Mutual Insurance Company, for its services as investment adviser
and manager. The management fee for the Portfolio is computed at an annual
rate of .25 of 1 percent of average daily net assets. The Adviser also
provides accounting services.

Certain officers and trustees of the Trust are also officers of the
Adviser. Compensation is paid to trustees not affiliated with the Adviser.
No remuneration was paid to any other trustee or officer of the Trust for
the six months ended December 31, 1997.

NOTE 5. SHORT-TERM DEBT
.........................................................................
To facilitate portfolio liquidity, the Portfolio maintains borrowing
arrangements under which they can borrow against Portfolio securities.
There were no borrowings by the Portfolio during the six months ended
December 31, 1997.

NOTE 6. INVESTMENT TRANSACTIONS
.........................................................................
At December 31, 1997, the cost of investments for financial reporting
purposes and for federal income tax purposes were equal.

<PAGE>

COLONIAL MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS & LIABILITIES
DECEMBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>

(in thousands except for per share amounts)
ASSETS
<S> <C> <C>
Investment in SR&F Municipal Money Market
Portfolio $ 22,835
Other 25
--------
Total Assets 22,860

LIABILITIES
Payable for:
Fund shares repurchased $ 90
Distributions 12
Payable to Adviser 23
Accrued:
Deferred Trustees fees 2
---------
Total Liabilities 127
--------

NET ASSETS $ 22,733
========

Net asset value:
Class A ($21,390/21,392) $ 1.00
========
Class B ($1,128/1,129) $ 1.00 (a)
========
Class C ($215/214) $ 1.00 (a)
========

COMPOSITION OF NET ASSETS
Capital paid in $ 22,736
Overdistributed net investment income (2)
Accumulated net realized loss (1)
--------
$ 22,733
========

</TABLE>

(a) Redemption price per share is equal to net asset value
less any applicable contingent deferred sales charge.

See notes to financial statements.

COLONIAL MUNICIPAL MONEY MARKET FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1997
(UNAUDITED)

(in thousands)
INVESTMENT INCOME
<S> <C> <C>
Interest income from
SR&F Municipal Money Market Portfolio $ 395
Expenses allocated from
SR&F Municipal Money Market Portfolio (36)
---------
359
EXPENSES
Administration fee $ 26
Service fee - Class B 1
Service fee - Class C (a)
Distribution fee - Class B 1
Distribution fee - Class C (a)
Transfer agent 24
Bookkeeping fee 9
Trustees fee 6
Audit fee 7
Legal fee 4
Registration fee 22
Reports to shareholders 4
Other 5
-------
109
Fees and expenses waived or borne
by the Administrator (65) 44
------- -------
Net Investment Income $ 315
=======

</TABLE>

(a) Rounds to less than one.

See notes to financial statements.

COLONIAL MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS

(Unaudited)
(in thousands) Six months ended Year ended
December 31 June 30
------------ ----------
INCREASE (DECREASE) IN 1997 (a) 1997
NET ASSETS
<S> <C> <C>
Operations:
Net investment income $ 315 $ 587
-------
Distributions:
From net investment income - Class A (300) (554)
In excess of net investment income - Class A -- (1)
From net investment income - Class B (14) (34)
In excess of net investment income - Class B -- (b)
From net investment income - Class C (1) --
------- ---------
-- (2)
Fund Share Transactions:
Receipts for shares sold - Class A 10,829 38,030
Value of distributions reinvested - Class A 278 496
Cost of shares repurchased - Class A (8,168) (39,750)
------- ---------
2,939 (1,224)
------- ---------
Receipts for shares sold - Class B 1,806 9,278
Value of distributions reinvested - Class B 13 22
Cost of shares repurchased - Class B (1,893) (9,332)
------- ---------
(74) (32)
------- ---------
Receipts for shares sold - Class C 333 --
Value of distributions reinvested - Class C 1 --
Cost of shares repurchased - Class C (119) --
------- ---------
215 --
------- ---------
Net Increase (Decrease) from Fund
Share Transactions 3,080 (1,256)
------- ---------
Total Increase (Decrease) 3,080 (1,258)
NET ASSETS
Beginning of period 19,653 20,911
------- ---------
End of period (net of overdistributed
net investment income of $2 and $2
respectively) $ 22,733 $ 19,653
======== ========

</TABLE>

(a) Class C shares were initially offered on August 1, 1997.
(b) Rounds to less than one.

Statement of Changes in Net Assets continued on following
page. See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS - CONT.

(Unaudited)
in thousands) Six months ended Year ended
December 31 June 30
---------------- ----------
NUMBER OF FUND SHARES 1997 (a) 1997

<S> <C> <C>
Sold - Class A 10,829 38,030
Issued for distributions reinvested - Class A 278 496
Repurchased - Class A (8,169) (39,750)
------ -------
2,938 (1,224)
------ -------
Sold - Class B 1,806 9,278
Issued for distributions reinvested - Class B 13 22
Repurchased - Class B (1,893) (9,332)
------ -------
(74) (32)
------ -------
Sold - Class C 333 9,278
Issued for distributions reinvested - Class C 1 22
Repurchased - Class C (120) (9,332)
------ -------
214 (32)
------ -------
</TABLE>

(a) Class C shares were initially offered on August 1, 1997.

See notes to financial statements.

<PAGE>
COLONIAL MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 (UNAUDITED)

NOTE 1. INTERIM FINANCIAL STATEMENTS
...........................................................................
In the opinion of the Administrator of Colonial Municipal Money Market Fund
(the Fund), a series of Colonial Trust IV, the accompanying financial
statements contain all normal and recurring adjustments necessary for the
fair presentation of the financial position of the Fund at December 31,
1997, and the results of its operations, the changes in its net assets and
the financial highlights for the six months then ended.

NOTE 2. ACCOUNTING POLICIES
...........................................................................
ORGANIZATION: The Fund is a non-diversified portfolio of a Massachusetts
business trust, registered under the Investment Company Act of 1940, as
amended, as an open-end, management investment company. The Fund invests
all of its investable assets in interests in the SR&F Municipal Money
Market Portfolio (the Portfolio), a Massachusetts common trust, having the
same investment objective as the Fund. The value of the Fund's investment
in the Portfolio reflects the Fund's proportionate interest in the net
assets of the Portfolio (14.9% at December 31, 1997). The performance of
the Fund is directly affected by the performance of the Portfolio.

The financial statements of the Portfolio, including the portfolio of
investments, are included elsewhere in this report and should be read in
conjunction with the Fund's financial statements. The Fund may issue an
unlimited number of shares. The Fund offers three classes of shares: Class
A, Class B, and Class C shares. Class B shares are identical to Class A
shares except for an annual service and distribution fee and a contingent
deferred sales charge. Class B shares will convert to Class A shares when
they have been outstanding approximately eight years. Effective August 1,
1997, the Fund began offering Class C shares which are subject to a
contingent deferred sales charge on redemptions made within one year after
purchase and an annual distribution fee.

The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates. The following is a summary of significant accounting policies
followed by the Fund in the preparation of its financial statements.

SECURITY VALUATION AND TRANSACTIONS: Valuation of securities by the
Portfolio is discussed in Note 2 of the Portfolio's Notes to Financial
Statements which are included elsewhere in this report.

<PAGE>

Notes to Financial Statements/December 31, 1997
...........................................................................

DETERMINATION OF CLASS NET ASSET VALUES AND FINANCIAL HIGHLIGHTS: All
income, expenses (other than the Class B and Class C service and
distribution fees), and realized and unrealized gains (losses), are
allocated to each class proportionately on a daily basis for purposes of
determining the net asset value of each class.

Class B and Class C per share data and ratios are calculated by adjusting
the expense and net investment income per share data and ratios for the
Fund for the entire period by the service fee and distribution fee
applicable to Class B and Class C shares only.

FEDERAL INCOME TAXES: Consistent with the Fund's policy to qualify as a
regulated investment company and to distribute all of its taxable income,
no federal income tax has been accrued.

DISTRIBUTIONS TO SHAREHOLDERS: The Fund declares and records distributions
daily and pays monthly.

NOTE 3. FEES AND COMPENSATION PAID TO AFFILIATES
...........................................................................
ADMINISTRATOR: Colonial Management Associates, Inc. (the Administrator)
provides accounting and other services and office facilities for a monthly
fee equal to 0.25% annually of the Fund's average net assets.

BOOKKEEPING FEE: The Administrator provides bookkeeping and pricing
services for $18,000 per year plus 0.0233% of the Fund's average net assets
over $50 million.

TRANSFER AGENT: Colonial Investors Service Center, Inc. (the Transfer
Agent), an affiliate of the Administrator, provides shareholder services
for a monthly fee equal to 0.20% annually of the Fund's average net assets
and receives reimbursement for certain out-of-pocket expenses.

UNDERWRITING DISCOUNTS, SERVICE AND DISTRIBUTION FEES: Liberty Financial
Investments, Inc., formerly Colonial Investment Services, Inc. (the
Distributor), an affiliate of the Administrator, is the Fund's principal
underwriter. During the six months ended December 31, 1997, the Fund has
been advised that the Distributor received contingent deferred sales
charges (CDSC) of $6,012 and none on Class B and Class C redemptions,
respectively.

The Fund has adopted a 12b-1 plan which requires the payment of a service
fee to the Distributor equal to 0.25% annually of Class B and Class C net
assets as of the 20th of each month. The plan also requires the payment of
a distribution fee to the Distributor equal to 0.75% annually of the
average net assets attributable to Class B and Class C shares. The
Distributor has voluntarily agreed to waive a portion of the Class C share
distribution fee so that it does not exceed 0.15% annually.

<PAGE>

Notes to Financial Statements/December 31, 1997
...........................................................................
NOTE 3. FEES AND COMPENSATION PAID TO AFFILIATES - CONT.
...........................................................................
The CDSC and the fees received from the 12b-1 plan are used principally as
repayment to the Distributor for amounts paid by the Distributor to dealers
who sold such shares.

EXPENSE LIMITS: The Administrator has agreed, until further notice, to
waive fees and bear certain Fund expenses to the extent that total expenses
(inclusive of the Fund's proportionate share of the Portfolio's expenses
and exclusive of service and distribution fees, commissions, taxes, and
extraordinary expenses, if any) exceed 0.75% annually of the Fund's average
net assets.

OTHER: The Fund pays no compensation to its officers, all of whom are
employees of the Administrator.

The Fund's Trustees may participate in a deferred compensation plan which
may be terminated at any time. Obligations of the plan will be paid solely
out of the Fund's assets.

<PAGE>

COLONIAL MUNICIPAL MONEY MARKET FUND
FINANCIAL HIGHLIGHTS

Selected data for a share of each class outstanding throughout each period are
as follows:

(Unaudited)
Six months ended December 31
----------------------------------------------------
1997
Class A Class B Class C (b)
------- ------- -------
<S> <C> <C> <C>
Net asset value -
Beginning of period $ 1.000 $ 1.000 $ 1.000
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (a)(c) 0.015 0.013 0.011
LESS DISTRIBUTIONS DECLARED TO SHAREHOLDERS:
From net investment income (0.015) (0.013) (0.011)
------- ------- -------
Net asset value -
End of period $ 1.000 $ 1.000 $ 1.000
------- ------- -------
Total return (d)(e)(f) 1.55% 1.33% 1.12%
------- ------- -------

RATIOS TO AVERAGE NET ASSETS
Expenses (c)(g) 0.75% 1.17% 1.15%
Fees and expenses waived or
borne by the
Administrator (c)(g) 0.63% 0.63% 0.62%
Net investment income (c)(g) 3.10% 2.68% 2.70%
Net assets at end
of period (000) $21,390 $ 1,128 $ 215
</TABLE>

(a) Net of fees and expenses waived or borne by the Administrator which
amounted to: $ 0.003 $ 0.003 $ 0.003

(b) Class C shares were initially offered on August 1, 1997. Per share amounts
reflect activity from that date.

(c) The per share amounts and ratios reflect income and expenses assuming
inclusion of the Fund's proportionate share of the income and expenses of
SR&F Municipal Money Market Portfolio.

(d) Total return at net asset value assuming all distributions reinvested and
no contingent deferred sales charge.

(e) Had the Administrator not waived or reimbursed a portion of expenses, total
return would have been reduced.

(f) Not annualized.

(g) Annualized.

<PAGE>

COLONIAL MUNICIPAL MONEY MARKET FUND
FINANCIAL HIGHLIGHTS - CONT.

Selected data for a share of each class outstanding throughout each period are
as follows:

Year ended June 30
--------------------------------------------------------------------
1997 1996(b)
Class A Class B Class A Class B
------- ------- ------- -------

<S> <C> <C> <C> <C>
Net asset value -
Beginning of period $ 1.000 $1.000 $ 1.000 $1.000
------- ------ ------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (a) 0.029(d) 0.021(d) 0.030(d) 0.020(d)
LESS DISTRIBUTIONS DECLARED TO SHAREHOLDERS:
From net investment income (0.029) (0.021) (0.030) (0.020)
------- ------ ------- ------
Net asset value -
End of period $ 1.000 $1.000 $ 1.000 $1.000
------- ------ ------- ------
Total return (e)(f) 2.98% 2.12% 3.04% 2.02%
------- ------ ------- ------

RATIOS TO AVERAGE NET ASSETS
Expenses 0.75%(d) 1.66%(d) 0.75%(d) 1.75%(d)
Fees and expenses waived or
borne by the Adviser/
Administrator 0.46%(d) 0.46%(d) 0.84%(d) 0.84%(d)
Net investment income 2.94%(d) 2.03%(d) 3.00%(d) 2.00%(d)
Net assets at end
of period (000) $18,450 $1,203 $19,676 $1,235
</TABLE>

(a) Net of fees and expenses waived or borne by the Adviser/Administrator which
amounted to: $ 0.005 $ 0.005 $ 0.008 $ 0.008

(b) Effective September 28, 1995, SR&F became the investment Adviser of the
Fund.

(d) The per share amounts and ratios reflect income and expenses assuming
inclusion of the Fund's proportionate share of the income and expenses of
SR&F Municipal Money Market Portfolio.

(e) Total return at net asset value assuming all distributions reinvested and
no contingent deferred sales charge.

(f) Had the Adviser/Administrator not waived or reimbursed a portion of
expenses, total return would have been reduced.

(g) Not annualized.

(h) Annualized.

<PAGE>

COLONIAL MUNICIPAL MONEY MARKET FUND
FINANCIAL HIGHLIGHTS - CONT.

Period ended Year ended
June 30(c) November 30
------------------------- -------------------------
1995 1994
<S> <C> <C> <C>
Class A Class B Class A Class B
------- --------- -------- -------

$ 1.000 $ 1.000 $ 1.000 $ 1.000
------- --------- -------- -------

0.018 0.012 0.020 0.010

(0.018) (0.012) (0.020) (0.010)
------- ---------- -------- -------

$ 1.000 $ 1.000 $ 1.000 $ 1.000
======= ========== ======== =======
1.80%(g) 1.20%(g) 2.00% 1.01%
======= ========== ======== =======

0.75(h) 1.75%(h) 0.60% 1.60%

0.36(h) 0.36%(h) 0.59% 0.59%
3.05(h) 2.05%(h) 2.05% 1.05%
$24,675 $ 3,111 $ 28,808 $ 3,867

$ 0.002 $ 0.002 $ 0.006 $ 0.006

</TABLE>

<PAGE>

HOW TO REACH COLONIAL
BY PHONE OR BY MAIL

BY TELEPHONE

COLONIAL CUSTOMER CONNECTION - 1-800-345-6611

For 24-hour account information, call from your touch-tone phone. (Rotary
callers will be automatically connected to a representative during business
hours.) A recorded message will guide you through the menu:

For fund prices, dividends and capital gains information . . . . press [1]

For account information . . . . . . . . . . . . . . . . . . . . ..press [2]

To speak to a Colonial representative .. . . . . . . . . . . . . press [3]

For yield and total return information . . . . . . . . . . . . . press [4]

For duplicate statements or new supply of checks . . . . . . . . press [5]

To order duplicate tax forms and year-end statements . . . . . . press [6]
(February through May)

To review your options at any time during your call . . . . . . press [*]

To speak with a shareholder services representative about your account, call
Monday to Friday, 8:00 a.m. to 8:00 p.m. ET, and Saturdays from February through
mid-April, 10:00 a.m. to 2:00 p.m. ET.

COLONIAL TELEPHONE TRANSACTION DEPARTMENT - 1-800-422-3737

To purchase, exchange or sell shares by telephone, call Monday to Friday, 9:00
a.m. to 7:00 p.m. ET. Transactions received after the close of the New York
Stock Exchange will receive the next business day's closing price.

LITERATURE - 1-800-426-3750

To request literature on any Colonial fund, call Monday to Friday, 8:30 a.m. to
6:30 p.m. ET.

BY MAIL

COLONIAL INVESTORS SERVICE CENTER, INC.
P.O. BOX 1722
BOSTON, MA 02105-1722

<PAGE>

IMPORTANT INFORMATION ABOUT THIS REPORT

The Transfer Agent for Colonial Municipal Money Market Fund is:

Colonial Investors Service Center, Inc.
P.O. Box 1722
Boston, MA 02105-1722
1-800-345-6611

Colonial Municipal Money Market Fund mails one shareholder report to each
shareholder address. If you would like more than one report, please call
Colonial at 1-800-426-3750 and additional reports will be sent to you.

This report has been prepared for shareholders of Colonial Municipal Money
Market Fund. This report may also be used as sales literature when preceded or
accompanied by the current prospectus which provides details of sales charges,
investment objectives and operating policies of the Fund.

<PAGE>

- --------------------------------------------------------------------------------

TRUSTEES
ROBERT J. BIRNBAUM
Retired (formerly Special Counsel, Dechert, Price & Rhoads; President and Chief
Operating Officer, New York Stock Exchange, Inc.)

TOM BLEASDALE
Retired (formerly Chairman of the Board and Chief Executive Officer, Shore Bank
& Trust Company)

LORA S. COLLINS
Attorney (formerly Attorney, Kramer, Levin, Naftalis, Nessen, Kamin & Frankel)

JAMES E. GRINNELL
Private Investor (formerly Senior Vice President-Operations, The Rockport
Company)

WILLIAM D. IRELAND, JR.
Retired (formerly Chairman of the Board, Bank of New England-Worcester)

RICHARD W. LOWRY
Private Investor (formerly Chairman and Chief Executive Officer, U.S. Plywood
Corporation)

WILLIAM E. MAYER
Partner, Development Capital, L.L.C. (formerly Dean, College of Business and
Management, University of Maryland; Dean, Simon Graduate School of Business,
University of Rochester; Chairman and Chief Executive Officer, CS First Boston
Merchant Bank; and President and Chief Executive Officer, The First Boston
Corporation)

JAMES L. MOODY, JR.
Retired (formerly Chairman of the Board and Chief Executive Officer, Hannaford
Bros. Co.)

JOHN J. NEUHAUSER
Dean, Boston College School of Management

GEORGE L. SHINN
Financial Consultant (formerly Chairman, Chief Executive Officer and Consultant,
The First Boston Corporation)

ROBERT L. SULLIVAN
Retired Partner, Peat Marwick Main & Co. (formerly Management Consultant,
Saatchi and Saatchi Consulting Ltd. and Principal and International Practice
Director, Management Consulting, Peat Marwick Main & Co.)

SINCLAIR WEEKS, JR.
Chairman of the Board, Reed & Barton Corporation

[LOGO] LIBERTY FINANCIAL INVESTMENTS, INC. (C)1998
Distributor for Colonial Funds, Stein Roe Advisor Funds and Newport Funds
One Financial Center, Boston, MA 02111-2621

TM-03/570E-1297 (2/98) 98/91
- --------------------------------------------------------------------------------