<PAGE>
COLONIAL
GOVERNMENT
MONEY
MARKET FUND
SEMIANNUAL REPORT
FEBRUARY 29, 1996
<PAGE>
COLONIAL GOVERNMENT MONEY MARKET FUND
HIGHLIGHTS
SEPTEMBER 1, 1995 - FEBRUARY 29, 1996
INVESTMENT OBJECTIVE: Colonial Government Money Market Fund seeks current
income, consistent with capital preservation and liquidity, by investing
exclusively in short-term U.S. government securities.
THE FUND IS DESIGNED TO OFFER:
checkmark Steady monthly income
checkmark Stable net asset value
checkmark A high quality portfolio
PORTFOLIO MANAGER COMMENTARY: "Economic and market conditions were challenging
for money market securities due to the volatile interest rate environment.
During most of the period, the Fund was positioned to lock in higher yields as
interest rates declined. Near the end of the period, the market began to
anticipate an aggressive Federal Reserve Board easing of interest rates. This
was reflected in the low short-term interest rates available in the market.
Believing the Fed would be less aggressive, as proven in its March meeting, we
shortened the average maturity of the portfolio."
COLONIAL GOVERNMENT MONEY MARKET FUND PERFORMANCE
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS D
<S> <C> <C> <C>
Inception dates 1/30/81 6/8/92 7/1/94
Distributions declared per share $0.025 $0.020 $0.020
Seven-day yields on 2/29/96 4.13% 3.47% 3.61%
30-day yields on 2/29/96 4.50% 3.53% 3.54%
</TABLE>
A PORTFOLIO OF HIGH QUALITY MONEY MARKET SECURITIES*
As of 2/29/96
Your Fund's portfolio holdings represented a selection of short-term,
fixed-income U.S. government and agency securities. These holdings include notes
issued by the Federal National Mortgage Association (FNMA) and Federal Home Loan
Bank (FHLB).
[In Lower Right corner -- PIE CHART, divided as follows]
Repurchase Agreements: 44.21%
FHLB: 15.49%
FNMA: 40.30%
*As a percent of total investments.
An investment in the Fund is neither insured nor guaranteed by the U.S.
government and there can be no assurance that the Fund will maintain a stable
net asset value of $1.00 per share.
2
<PAGE>
PRESIDENT'S MESSAGE
TO FUND SHAREHOLDERS
[PHOTO of Harold W. Cogger in right corner.]
I am pleased to present your Fund's semiannual report for the period ended
February 29, 1996. First, however, I would like to extend my thanks to President
John A. McNeice, Jr., who has retired after a career with Colonial that spanned
40 years. We look forward to his continued involvement on the executive
committee of the board of directors at our parent company, Liberty Financial
Companies, Inc.
In my new position, I will direct Colonial's focus on the delivery of superior
investment performance over the long term. To achieve this mission, we will
continue to seek the optimal combination of talented people and effective
investment disciplines.
The receipt of your semiannual report is a good time to reflect on market
conditions and the performance of your Fund during the past 6 to 12 months.
Falling interest rates and minimal inflation helped the economy grow at a
comfortable pace throughout 1995 and created a positive environment for fixed
income investments. After a difficult 1994, investors who stayed the course
during 1995 were amply rewarded.
While there may be some current market volatility, we expect slow growth and low
inflation to continue and believe that further reductions in interest rates may
take place later in the year. In the following pages you'll find detailed
information on your Fund's performance as well as an in-depth discussion with
the portfolio manager.
With over 12 years of service at Colonial and more than 25 years in the
industry, I am enthusiastic about -- and dedicated to achieving -- Colonial's
mission of providing you with competitive investment returns. In my new role, I
look forward to communicating with you regarding your Colonial investment. We
appreciate the opportunity to help you meet your investment goals.
Respectfully,
/s/ Harold W. Cogger
- -----------------------------
Harold W. Cogger
President
April 15, 1996
Because market conditions change frequently, there can be no assurance that the
trends described here will continue, come to pass, or affect Fund performance.
3
<PAGE>
INVESTMENT PORTFOLIO
FEBRUARY 29, 1996 (UNAUDITED, IN THOUSANDS)
<TABLE>
<CAPTION>
SHORT-TERM OBLIGATIONS - 96.6%
- ---------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES - 53.8 %
- ---------------------------------------------------------------------------------
ANNUALIZED
YIELD AT TIME
MATURITY OF PURCHASE PAR VALUE
- ---------------------------------------------------------------------------------
<S> <C> <C> <C>
Federal Home Loan Bank:
03/04/96 5.330% $ 7,000 $ 6,997
04/12/96 5.460% 3,000 2,981
05/17/96 5.355% 5,000 4,943
06/28/96 4.990% 5,000 4,918
08/15/96 4.810% 7,000 6,844
-----------
26,683
-----------
Federal Home Loan Mortgage Corp.:
03/01/96 5.330% 28,000 28,000
-----------
Federal National Mortgage Association:
03/01/96 5.470% 5,000 5,000
03/28/96 5.490% 5,000 4,979
05/21/96 5.140% 5,000 4,942
05/30/96 4.950% 7,000 6,913
05/31/96 5.290% 5,000 4,933
07/30/96 4.930% 5,000 4,897
08/23/96 4.850% 5,000 4,882
08/29/96 4.890% 5,000 4,877
-----------
41,423
-----------
TOTAL U.S. GOVERNMENT AGENCIES (cost of $96,106) 96,106
-----------
REPURCHASE AGREEMENTS - 42.8%
- ---------------------------------------------------------------------------------
Repurchase agreement with Bankers Trust
Securities Corp., dated 2/29/96, due 3/01/96
at 5.400%, collaterized by U.S. Treasury notes
maturing in 1999, market value $39,124
(repurchase proceeds $38,295) 38,289 38,289
Repurchase agreement with Chase
Securities, Inc., dated 2/29/96, due 3/01/96
at 5.380% collaterized by a U.S. Treasury
note maturing in 2000, market value $39,073
(repurchase proceeds $38,295) 38,289 38,289
-----------
TOTAL REPURCHASE AGREEMENTS (cost of $76,578) 76,578
-----------
</TABLE>
4
<PAGE>
Investment Portfolio/February 29, 1996
<TABLE>
- ---------------------------------------------------------------------------------
<S> <C>
TOTAL SHORT-TERM OBLIGATIONS
(cost of $172,684) (a) $ 172,684
- --------------
OTHER ASSETS & LIABILITIES, NET - 3.4 % 6,048
- ---------------------------------------------------------------------------------
NET ASSETS - 100% $ 178,732
---------
NOTE TO INVESTMENT PORTFOLIO:
- ---------------------------------------------------------------------------------
</TABLE>
(a) Cost for federal income tax purposes is the same.
See notes to financial statements.
5
<PAGE>
STATEMENT OF ASSETS & LIABILITIES
FEBRUARY 29, 1996 (UNAUDITED)
<TABLE>
(in thousands except for per share amounts)
<S> <C> <C>
ASSETS
Investments at amortized cost $172,684
Receivable for:
Fund shares sold $ 6,674
Interest 11
Other 24 6,709
-------- ---------
Total Assets 179,393
LIABILITIES
Payable for:
Distributions 381
Fund shares repurchased 228
Accrued:
Deferred Trustees fees 2
Other 50
--------
Total Liabilities 661
---------
NET ASSETS $178,732
---------
Net asset value:
Class A ($110,516/110,501) $ 1.00
---------
Class B ($66,794/66,806) $ 1.00(a)
---------
Class D ($1,422/1,422) $ 1.00(a)
---------
Maximum offering price per share - Class D
($1.00/0.99) $ 1.01
---------
COMPOSITION OF NET ASSETS
Capital paid in $178,716
Undistributed net investment income 3
Accumulated net realized gain 13
---------
$ 178,732
---------
</TABLE>
(a) Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
See notes to financial statements.
6
<PAGE>
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
(in thousands)
<S> <C> <C>
INVESTMENT INCOME
Interest $3,454
EXPENSES
Management fee $ 183
Service fee - Class B 63
Service fee - Class D 1
Distribution fee - Class B 193
Distribution fee - Class D 3
Transfer agent 158
Bookkeeping fee 26
Trustees fee 11
Custodian fee 4
Audit fee 17
Legal fee 8
Registration fee 23
Reports to shareholders 6
Other 29 725
------ ------
Net Investment Income $2,729
------
</TABLE>
See notes to financial statements.
7
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
(unaudited)
Six months Year
ended ended
(in thousands) February 29 August 31
----------- ---------
INCREASE (DECREASE) IN NET ASSETS 1996 1995
<S> <C> <C>
Operations:
Net investment income $ 2,729 $ 6,313
--------- ---------
Distributions:
From net investment income - Class A (1,728) (4,177)
From net investment income - Class B (1,020) (2,093)
From net investment income - Class D (14) (22)
--------- ---------
(33) 21
--------- ---------
Fund Share Transactions:
Receipts for shares sold - Class A 379,245 528,856
Value of distributions reinvested - Class A 1,432 3,257
Cost of shares repurchased - Class A (353,228) (546,152)
--------- ---------
27,449 (14,039)
--------- ---------
Receipts for shares sold - Class B 82,521 113,063
Value of distributions reinvested - Class B 819 1,596
Cost of shares repurchased - Class B (71,973) (113,764)
--------- ---------
11,367 895
--------- ---------
Receipts for shares sold - Class D 1,170 124
Value of distributions reinvested - Class D 13 20
Cost of shares repurchased - Class D (386) (37)
--------- ---------
797 107
--------- ---------
Net Increase (Decrease) from Fund Share
Transactions 39,613 (13,037)
--------- ---------
Total Increase (Decrease) 39,580 (13,016)
NET ASSETS
Beginning of period 139,152 152,168
--------- ---------
End of period (including undistributed net
investment income of $3 and $36, respectively) $ 178,732 $ 139,152
--------- ---------
NUMBER OF FUND SHARES
Sold - Class A 379,245 528,856
Issued for distributions reinvested - Class A 1,432 3,257
Repurchased - Class A (353,228) (546,152)
--------- ---------
27,449 (14,039)
--------- ---------
Sold - Class B 82,521 113,063
Issued for distributions reinvested - Class B 819 1,596
Repurchased - Class B (71,973) (113,764)
--------- ---------
11,367 895
--------- ---------
Sold - Class D 1,170 124
Issued for distributions reinvested - Class D 13 21
Repurchased - Class D (386) (38)
--------- ---------
797 107
--------- ---------
</TABLE>
See notes to financial statements.
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 1996 (UNAUDITED)
NOTE 1. INTERIM FINANCIAL STATEMENTS
In the opinion of management of Colonial Government Money Market Fund (the
Fund), a series of Colonial Trust II, the accompanying financial statements
contain all normal and recurring adjustments necessary for the fair presentation
of the financial position of the Fund at February 29, 1996, 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 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's objective is to seek current
income, consistent with capital preservation and liquidity. The Fund may issue
an unlimited number of shares. The Fund offers three classes of shares: Class A,
Class B and Class D. Class B shares, which are identical to Class A shares
except for an annual service and distribution fee and a contingent deferred
sales charge, will convert to Class A shares when they have been outstanding
approximately eight years. Class D shares are subject to a reduced front-end
sales charge, a contingent deferred sales charge on redemptions made within one
year after purchase and a continuing service and 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 that are consistently followed by the Fund in
the preparation of its financial statements.
SECURITY VALUATION AND TRANSACTIONS: The Fund values its portfolio securities
utilizing the amortized cost valuation method.
Security transactions are accounted for on the date the securities are
purchased, sold or mature.
Cost is determined and gains and losses are based upon the specific
identification method for both financial statement and federal income tax
purposes.
DETERMINATION OF CLASS NET ASSET VALUES AND FINANCIAL HIGHLIGHTS: All income,
expenses (other than the Class B and Class D service and distribution fees),
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 D 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 and distribution fees applicable to Class B and
Class D 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.
9
<PAGE>
NOTES TO FINANCIAL STATEMENTS/FEBRUARY 29, 1996
NOTE 2. ACCOUNTING POLICIES - CONT.
DISTRIBUTIONS TO SHAREHOLDERS: The Fund declares and records distributions daily
and pays monthly.
OTHER: Interest income, including discount accretion and premium amortization,
is recorded daily on the accrual basis.
The Fund's custodian takes possession through the federal book-entry system of
securities collateralizing repurchase agreements. Collateral is
marked-to-market daily to ensure that the market value of the underlying assets
remains sufficient to protect the Fund. The Fund may experience costs and delays
in liquidating the collateral if the issuer defaults or enters bankruptcy.
NOTE 3. FEES AND COMPENSATION PAID TO AFFILIATES
MANAGEMENT FEE: Colonial Management Associates, Inc. (the Adviser) is the
investment Adviser of the Fund and furnishes accounting and other services and
office facilities for a monthly fee equal to 0.30% annually of the Fund's
average net assets.
BOOKKEEPING FEE: The Adviser provides bookkeeping and pricing services for
$27,000 per year plus 0.035% of the Fund's average net assets over $50 million.
TRANSFER AGENT: Colonial Investors Service Center, Inc. (the Transfer Agent), an
affiliate of the Adviser, provides shareholder services for a monthly fee equal
to 0.20% annually of the Fund's average net assets and receives a reimbursement
for certain out-of-pocket expenses.
UNDERWRITING DISCOUNTS, SERVICE AND DISTRIBUTION FEES: Colonial Investment
Services, Inc. (the Distributor), an affiliate of the Adviser, is the Fund's
principal underwriter. During the six months ended February 29, 1996, the Fund
has been advised that the Distributor received contingent deferred sales charges
(CDSC) of $173,406 and none on Class B and Class D share redemptions,
respectively.
The Fund has adopted a 12b-1 plan which requires it to pay the Distributor a
service fee equal to 0.25% annually of Class B and Class D 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 shares and Class D shares.
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 Adviser has agreed, until further notice, to waive fees and
bear certain Fund expenses to the extent that total expenses (exclusive of
service and distribution fees, brokerage commissions, interest, taxes and
extraordinary expenses, if any) exceed 1.00% annually of the Fund's average net
assets.
For the six months ended February 29, 1996, the Fund's operating expenses did
not exceed the 1.00% expense limit.
10
<PAGE>
NOTES TO FINANCIAL STATEMENTS/FEBRUARY 29, 1996
OTHER: The Fund pays no compensation to its officers, all of whom are employees
of the Adviser.
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.
NOTE 4. PORTFOLIO INFORMATION
INVESTMENT ACTIVITY: During the six months ended February 29, 1996, purchases
and sales (including maturities) of short-term obligations (excluding repurchase
agreements) were $147,726,119 and $137,414,000, respectively, all of which were
U.S. government securities.
11
<PAGE>
FINANCIAL HIGHLIGHTS
Selected data for a share of each class outstanding throughout each period are
as follows:
<TABLE>
<CAPTION>
Uunaudited)
Six months ended
February 29 Year ended August 31
--------------------------------------- ---------------------------
1996 1995
Class A Class B Class D Class A Class B Class D
-------- -------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value -
Beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- ------- ------- ------- -------
INCOME FROM
INVESTMENT OPERATIONS:
Net investment
income (a) 0.025 0.020 0.020 0.050 0.040 0.040
-------- -------- ------- ------- ------- -------
LESS DISTRIBUTIONS
DECLARED TO SHAREHOLDERS:
From net
investment income (0.025) (0.020) (0.020) (0.050) (0.040) (0.040)
-------- -------- ------- ------- ------- -------
Net asset value -
End of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- ------- ------- ------- -------
Total return (e)(f) 2.50%(g) 1.99%(g) 1.99%(g) 5.14% 4.08% 4.07%
-------- -------- ------- ------- ------- -------
RATIOS TO AVERAGE NET ASSETS
Expenses 0.76%(h)(i) 1.76%(h)(i) 1.76%(h)(i) 0.69% 1.69% 1.69%
Fees and expenses waived
or borne by the
Adviser -- -- -- 0.04% 0.04% 0.04%
Net investment
income 4.90%(h)(i) 3.90%(h)(i) 3.90%(h)(i) 4.96% 3.96% 3.96%
Net assets at end
of period (000) $110,516 $66,794 $ 1,422 $83,086 $55,441 $ 625
(a) Net of fees and expenses waived or borne by the Adviser which $ 0.000 $ 0.000 $ 0.000
amounted to $ -- $ -- $ --
(b) Class D shares were initially offered on July 1, 1994. Per share amounts
reflect activity from that date.
(c) The Fund changed its fiscal year end from December 31 to August 31 in 1992.
(d) Class B shares were initially offered on June 8, 1992. Per share amounts
reflect activity from that date.
(e) Total return at net asset value assuming all distributions reinvested and
no initial sales charge or contingent deferred sales charge.
(f) Had the Adviser not waived or reimbursed a portion of expenses, total
return would have been reduced.
(g) Not annualized.
(h) Annualized.
(i) The benefits derived from custody credits and directed brokerage
arrangements had no impact. Prior years' ratios are net of benefits
received, if any.
</TABLE>
12
<PAGE>
FINANCIAL HIGHLIGHTS - CONT.
<TABLE>
<CAPTION>
Period ended Year ended
Year ended August 31 August 31 August 31
- --------------------------------------------------------------------------------------------------
1994 1993 1992 (c) 1991
Class A Class B Class D(b) Class A Class B Class A Class B(d) Class A
- ------- ------- ---------- ------- ------- ------- ---------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
- ------- ------- ------- ------- ------- ------- ------- -------
0.028 0.018 0.005 0.023 0.013 0.022 0.004 0.053
- ------- ------- ------- ------- ------- ------- ------- -------
(0.028) (0.018) (0.005) (0.023) (0.013) (0.022) (0.004) (0.053)
- ------- ------- ------- ------- ------- ------- ------- -------
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
- ------- ------- ------- ------- ------- ------- ------- -------
2.85% 1.82% 0.45%(g) 2.28% 1.27% 2.18%(g) 0.43%(g) 5.38%
======= ======= ======= ======= ======= ======= ======= =======
0.73% 1.73% 1.73%(h) 0.88% 1.88% 1.00%(h) 2.00%(h) 0.85%
0.20% 0.20% 0.20%(h) 0.20% 0.20% 0.38%(h) 0.38%(h) 0.20%
3.01% 2.01% 2.01%(h) 2.26% 1.26% 3.23%(h) 2.23%(h) 5.32%
$97,115 $54,535 $ 518 $44,693 $10,890 $47,885 $14,096 $56,198
$ 0.002 $ 0.002 $ 0.002 $ 0.002 $ 0.002 $ 0.003 $ 0.001 $ 0.002
</TABLE>
13
<PAGE>
SHAREHOLDER SERVICES
TO MAKE INVESTING EASIER
Colonial has one of the most extensive selections of shareholder services
available. Your financial adviser can help you arrange for any of these
services, or you can call Colonial directly at 1-800-345-6611.
AFFORDABLE ADDITIONAL INVESTMENTS: Add to your account with as little as $50;
$25 for an IRA account.
FREE EXCHANGES*: Exchange all or part of your account into the same share class
of another Colonial fund, by phone or mail, as your needs change over time.
EASY ACCESS TO YOUR MONEY*: Make withdrawals from your account by phone, by mail
or, for certain funds, by check.
ONE-YEAR REINSTATEMENT PRIVILEGE: If you need access to your money, but then
choose to return it to Colonial within one year, you can reinvest in any
Colonial fund of the same share class without any penalty or sales charge.
FUNDAMATIC: Make periodic investments as low as $50 from your checking account
to your Colonial account.
SYSTEMATIC WITHDRAWAL PLAN (SWP): Receive monthly, quarterly, or semiannual
payments via check or bank transmission. There is a $5,000 account value
required, but no minimum for the payment amount. The maximum annual withdrawal
is 12% of account balance at time SWP is established. SWPs by check are
processed on the 10th of each month.
AUTOMATED DOLLAR COST AVERAGING: Transfer money on a monthly basis from any
Colonial fund with a balance of $5,000 into the same share class of up to four
other Colonial funds. Minimum for each transfer is $100.
LOW COST IRAs: Choose from a broad range of retirement plans,
including IRAs.
* Redemptions and exchanges are made at the next determined net asset value
after the request is received by Colonial. Proceeds may be more or less than
your original cost. The exchange privilege may be terminated at any time.
Investors who purchase Class B or Class D shares (for applicable funds), or $1
million or more of Class A shares, may be subject to a contingent deferred sales
charge.
14
<PAGE>
IMPORTANT INFORMATION ABOUT THIS REPORT
The Transfer Agent for Colonial Government Money Market Fund is:
Colonial Investors Service Center, Inc.
P.O. Box 1722
Boston, MA 02105-1722
1-800-345-6611
Colonial Government Money Market Fund mails one shareholder report to each
shareholder address. If you would like more than one report, please call our
Literature Department at 1-800-248-2828 and additional reports will be sent to
you.
This report has been prepared for shareholders of Colonial Government 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.
15
<PAGE>
[COLONIAL MUTUAL FUNDS LOGO]
Mutual Funds for
Planned Portfolios
TRUSTEES
ROBERT J. BIRNBAUM
Trustee (formerly Special Counsel, Dechert, Price & Rhoads; President and Chief
Operating Officer, New York Stock Exchange, Inc.)
TOM BLEASDALE
Trustee (formerly Chairman of the Board and Chief Executive Officer, Shore Bank
& Trust Company)
LORA S. COLLINS
Attorney, Kramer, Levin, Naftalis, Nessen, Kamin & Frankel
JAMES E. GRINNELL
Private Investor (formerly Senior Vice President-Operations, The Rockport
Company)
WILLIAM D. IRELAND, JR.
Trustee (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
Dean, College of Business and Management, University of Maryland (formerly Dean,
Simon Graduate School of Business, University of Rochester; Chairman and Chief
Executive Officer, C.S. First Boston Merchant Bank; and President and Chief
Executive Officer, The First Boston Corporation)
JAMES L. MOODY, JR.
Chairman of the Board, Hannaford Bros. Co. (formerly 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
Management Consultant (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
Printed on recycled paper
NOT FDIC-
INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
COLONIAL INVESTMENT SERVICES, INC., Distributor (C) 1996
One Financial Center, Boston, Massachusetts 02111-2621, 617-426-3750
MM-03/909B-0296 M (4/96)
