COLONIAL TRUST V, 497, 1997-09-08

COLONIAL TRUST V
497, 1997-09-08

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          COLONIAL FLORIDA TAX-EXEMPT FUND
       COLONIAL NORTH CAROLINA TAX-EXEMPT FUND

     Supplement to Prospectus dated May 30, 1997
               Revised August 1, 1997


As of August 27, 1997,  Peter  Andersen no longer
serves as  co-manager  of the Funds.

Maureen G. Newman, Vice President of the Adviser,
will manage the Colonial Florida  Tax-Exempt  Fund.
Ms. Newman has managed the Connecticut Fund and the
Massachusetts  Fund since May 1996 and the New York 
Fund since April 1997. Prior to joining the Adviser,
Ms. Newman was a portfolio  manager and bond analyst 
at Fidelity Investments from May 1985 until May 1996.

Brian M.  Hartford,  Vice  President  of the Adviser,
will manage the Colonial  North  Carolina  Tax-Exempt
Fund.  Mr.  Hartford has managed the  Michigan  Fund,
the  Minnesota  Fund and the Ohio  Fund  since  1993.
Mr. Hartford  was a Senior  Municipal  trader  of the
Adviser from 1991 until 1993.



SP-36/104E-0997
September 8, 1997