<PAGE>
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COLONIAL NORTH CAROLINA TAX-EXEMPT FUND SEMIANNUAL REPORT
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July 31, 1999
[graphic omitted]
<PAGE>
TABLE OF CONTENTS
1 Highlights
2 Portfolio Manager's Report
4 Performance
5 Portfolio of Investments
7 Financial Statements
9 Notes to Financial Statements
12 Financial Highlights
--------------------------
Not FDIC May Lose Value
Insured No Bank Guarantee
--------------------------
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COLONIAL NORTH CAROLINA TAX-EXEMPT FUND
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PRESIDENT'S MESSAGE
[Photo of Stephen E. Gibson]
Dear Shareholder:
During the six months ended July 31, 1999, the bond market experienced
significant volatility. Over the period, the yield on 30-year Treasury bonds
increased almost a full percentage point in response to investors' fears that
strong economic growth in the U.S., in concert with stabilizing economies
overseas, would result in higher inflation. Interest rates rose on all types of
fixed-income investments, which resulted in falling bond prices. Fortunately,
tax-exempt bonds lost less value than Treasurys as prices fell.
These challenging bond market conditions were reflected in the Fund's negative
total return. However, while past performance cannot predict future results, it
is important to maintain a long-term perspective and remember that the Fund has
provided top-quartile returns for the one-, three- and five-year periods ended
July 31, 1999, according to Lipper, Inc.(1)
The following report will provide you with more specific information about your
Fund's performance and the strategies employed during the period. As always, we
thank you for choosing Colonial North Carolina Tax-Exempt Fund and for giving us
the opportunity to serve your investment needs.
Sincerely,
/s/ Stepehn E. Gibson
Stephen E. Gibson
President
September 14, 1999
(1) Lipper, Inc., a widely respected data provider in the industry, calculates
an average total return for mutual funds with similar investment objectives
as the Fund. The total return calculated for the Lipper North Carolina
Municipal Debt Category was negative 2.50% for the six months ended July 31,
1999. The Fund's Class A shares were ranked in the fourth quartile for the
six-month period (31 out of 40 funds), in the first quartile for the 1-year
period (7 out of 40 funds), in the first quartile for the 3-year period (5
out of 37 funds) and in the first quartile for the 5-year period (4 out of
27 funds). Rankings do not include sales charges. Performance for different
share classes will vary with fees associated with each class. Past
performance cannot predict future results.
Because market and economic conditions change, there can be no assurance
that the trends described in this report will continue or come to pass.
<PAGE>
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HIGHLIGHTS
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> INTEREST RATE VOLATILITY CHALLENGED BOND MARKET INVESTORS.
Long-term interest rates rose more than three-quarters of a percentage point
to 6.1% between February and the end of July in response to fears that
strong economic growth in the U.S. and signs of increased growth worldwide
could cause higher inflation.
> FEDERAL RESERVE BOARD PREEMPTIVELY RAISED SHORT-TERM RATES.
Midway through the period, Federal Reserve Board ("Fed") policy makers
switched from a neutral stance to one biased towards raising interest rates,
causing bond prices to fall further. As expected, the Fed acted in June,
increasing short-term interest rates by one-quarter of a percentage point in
a preemptive strike against inflation.
> TAX-EXEMPT BONDS OUTPERFORMED TREASURYS AS INTEREST RATES ROSE.
Within the municipal bond market, prices fell in sympathy with the Treasury
market during the period. However, higher yields generated increased demand
for tax-exempt bonds. With supply low, municipal bonds outperformed
Treasurys, losing less of their principal value as interest rates rose.
TREASURY VS. MUNICIPAL BOND PERFORMANCE
CHANGE IN VALUE OF $10,000 FROM 1/31/99 - 7/31/99
30-Year
Treasury Municipal
Bond Bond
-----------------------------------
1/99 $10,000 $10,000
2/99 9,290 9,956
3/99 9,250 9,970
4/99 9,217 9,995
5/99 9,075 9,937
6/99 8,899 9,794
7/99 8,805 9,829
Performance of the 30-year Treasury bond is illustrated by the Salomon 30-Year
Treasury Bond Index, a broad-based, unmanaged index that tracks the performance
of the 30-Year on-the-run Treasury market. Performance of municipal bonds is
illustrated by the Lehman Brothers Municipal Bond Index, a broad-based,
unmanaged index that tracks the performance of the municipal bond market. Unlike
mutual funds, indexes are not investments and do not incur fees or expenses. It
is not possible to invest directly in an index.
NET ASSET VALUE PER SHARE ON 7/31/99
- ---------------------------------------------------------
Class A $7.24
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Class B $7.24
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Class C $7.24
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DISTRIBUTIONS DECLARED PER SHARE FROM 2/1/99 TO 7/31/99
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Class A $0.157
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Class B $0.130
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Class C $0.141
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A portion of the Fund's income may be subject to the alternative minimum tax.
The Fund may at times purchase tax-exempt securities at a discount. Some or all
of this discount may be included in the Fund's ordinary income, and is taxable
when distributed.
30-DAY SEC YIELDS ON 7/31/99
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Class A 3.87%
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Class B 3.30%
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Class C 3.61%
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30-day SEC yields reflect the portfolio's earning power net of expenses,
expressed as an annualized percentage of the public offering price per share. If
the Advisor or its affiliates had not borne certain expenses, the SEC yield
would have been 3.30% for Class C shares.
TAXABLE-EQUIVALENT SEC YIELDS ON 7/31/99
- ---------------------------------------------------------
Class A 6.95%
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Class B 5.92%
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Class C 6.48%
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Taxable-equivalent SEC yields are based on the combined maximum effective 44.3%
federal and North Carolina state income tax rate. This tax rate does not reflect
the phase out of exemptions or the reduction of otherwise allowable deductions
which occurs when Adjusted Gross Income exceeds certain levels.
<PAGE>
SEMIANNUAL REPORT: COLONIAL NORTH CAROLINA TAX-EXEMPT FUND
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PORTFOLIO MANAGER'S REPORT
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QUALITY BREAKDOWN AS OF 7/31/99
AAA 36.0%
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AA 38.2%
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A 17.9%
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BBB 2.4%
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Non-rated 1.5%
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Short-term obligations 4.0%
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Quality breakdown categories are calculated as a percentage of total
investments, including short-term obligations. Ratings shown in the Quality
Breakdown represent the highest rating assigned to a particular bond by one of
the following respected rating agencies: Standard & Poor's, Moody's or Fitch.
Because the Fund is actively managed, there can be no guarantee the Fund will
continue to maintain this quality breakdown in the future.
BOUGHT
- --------------------------------------------------------------------------------
We purchased high-yielding positions issued by Raleigh's Cedar Point
multi-family housing complex (1.42% of net assets), which is benefiting from the
strong state economy and real estate market. We also bought Annie Penn Hospital
in Reidsville (1.67% of net assets), which benefits from North Carolina's strong
health care sector.
MARKET VOLATILITY PROMPTED A MORE CONSERVATIVE STRATEGY
During the past six months, we pursued a more conservative investment strategy
in response to the strong U.S. economy. As a series of government reports
detailed the economy's strength, investors became increasingly nervous about
inflation and potentially higher interest rates -- both negatives for bond
prices. Consequently, we structured the Fund to be less sensitive to interest
rate movements. As the economy grew strongly throughout the first part of the
period, we focused our attention on more defensive, income-oriented securities
- -- such as high-yield and housing bonds -- with total return characteristics
that are not impacted as severely by rising interest rates.
PERFORMANCE REFLECTS WEAK BOND MARKET CONDITIONS
During the six-month period, the Fund's Class A shares generated a total return
of negative 2.69%, without a sales charge. This performance echoed the difficult
fixed-income conditions that prevailed throughout the period. Although the Fund
adopted a more conservative strategy in response, the portfolio's interest rate
sensitivity remained modestly higher than its Lipper competitive peer group,
reflecting our longer-term outlook for a more positive investment environment
for municipal bonds.
INVESTMENT ACTIVITY FOCUSED ON HIGHER-YIELDING BONDS
We selectively purchased bonds that met our rigorous investment criteria,
including well-managed facilities with strong cash flows, attractive markets or
service territories, and good long-term growth prospects. These investments
included multi-family housing, education and health care facilities. Not only
did this strategy provide the Fund with total return potential, it increased its
diversification by spreading the portfolio's credit risk over a greater number
and wider variety of bonds.
HOUSING SECTOR BONDS PERFORMED WELL IN A RISING INTEREST RATE ENVIRONMENT
As interest rates rose during the past six months, a number of the Fund's multi-
and single-family housing bonds experienced price gains and outperformed the
general market. Housing issues typically outperform many other market sectors in
rising rate environments because real estate owners are less likely to refinance
and prepay their mortgages. The portfolio's holdings also benefited from a
strong real estate market -- vigorous demand and high occupancy levels supported
higher rents and increased cash flows for project owners.
NORTH CAROLINA'S STRONG ECONOMY PREVAILED
North Carolina's economy continued to advance, generating an eighth straight
year of expansion. Unemployment is at an all-time low and income and wages are
rising, benefiting the state's financial position and generating substantial
reserves that can help cushion North Carolina from potential economic setbacks.
A flood of new business investment in 1998 set a new record of $7.8 billion.
Major beneficiaries of this trend included information technology,
pharmaceuticals and biosciences, and plastics and resins -- all capital
intensive, high-technology and globally-oriented sectors that take advantage of
North Carolina's highly skilled and educated workforce, particularly in the
Research Triangle. The state also has profited from global competition, leading
the U.S. over the past ten years in international investment with over 130
foreign companies investing more than $2 billion.
FAVORABLE LONG-TERM MARKET OUTLOOK
As we look ahead, we believe that the Federal Reserve Board's actions should
have a positive long-term effect on the bond market by reducing economic growth
to a sustainable level and keeping inflation in check. These conditions should
create a more favorable environment for fixed-income securities and we expect to
actively manage the portfolio's interest rate sensitivity as market conditions
warrant.
North Carolina's economy is expected to continue its strong pace of the past few
years, barring any unforeseen jolts to the national economy that could trigger a
recession. With rising employment and wages and strength in the housing,
manufacturing and services sectors, the state's economy should provide a healthy
backdrop for North Carolina municipal bonds and bond issuers.
/s/ Brian M. Hartford
Brian M. Hartford
BRIAN M. HARTFORD is portfolio manager of Colonial North Carolina Tax-Exempt
Fund and is a senior vice president of Colonial Management Associates, Inc.
(CMA).
CHANGE IN TOP FIVE SECTOR BREAKDOWNS 7/31/99 VS. 1/31/99
7/31/99 1/31/99
LOCAL APPROPRIATED 18.4% 20.0%
HOSPITALS 14.6% 10.6%
EDUCATION 9.5% 9.5%
REFUNDED/ESCROWED 13.3% 14.6%
STATE GENERAL OBLIGATIONS 6.4% 7.1%
Sector breakdown categories are calculated as a percentage of total investments,
including short-term obligations.
Because the Fund is actively managed, there can be no guarantee the Fund will
continue to maintain this sector breakdown in the future.
<PAGE>
SEMIANNUAL REPORT: COLONIAL NORTH CAROLINA TAX-EXEMPT FUND
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PERFORMANCE INFORMATION
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 7/31/99
<TABLE>
<CAPTION>
Share Class A B C
Inception 9/1/93 9/1/93 8/1/97
- ---------------------------------------------------------------------------------------------
Without With Without With Without With
Sales Sales Sales Sales Sales Sales
Charge Charge Charge Charge Charge Charge
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6 months (cumulative return) (2.69)% (7.31)% (3.05)% (7.82)% (2.91)% (3.86)%
- ---------------------------------------------------------------------------------------------
1 year 2.10 (2.75) 1.34 (3.54) 1.64 0.67
- ---------------------------------------------------------------------------------------------
5 years 6.42 5.39 5.63 5.30 5.73 5.73
- ---------------------------------------------------------------------------------------------
Life of Fund 4.71 3.85 3.93 3.79 4.01 4.01
- ---------------------------------------------------------------------------------------------
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS AS OF 6/30/99
- ---------------------------------------------------------------------------------------------
Share Class A B C
- ---------------------------------------------------------------------------------------------
Without With Without With Without With
Sales Sales Sales Sales Sales Sales
Charge Charge Charge Charge Charge Charge
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 year 2.12% (2.73)% 1.34% (3.53)% 1.66% 0.68%
- ---------------------------------------------------------------------------------------------
5 years 6.66 5.63 5.87 5.55 5.96 5.96
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Life of Fund 4.72 3.85 3.93 3.80 4.01 4.01
- ---------------------------------------------------------------------------------------------
</TABLE>
Past performance cannot predict future investment results. Returns and value of
an investment will vary, resulting in a gain or loss on sale. All results shown
assume reinvestment of distributions. The "with sales charge" returns include
the maximum sales charge of 4.75% for Class A shares and the maximum applicable
contingent deferred sales charge of 5% for both six months and one year returns,
2% for five years and 1% for life returns for Class B and 1% for both six months
and one year for Class C shares. Performance results reflect any voluntary
waivers or reimbursement of Fund expenses by the Advisor or its affiliates.
Absent these waivers or reimbursement arrangements, performance results would
have been lower.
Performance for different share classes will vary based on differences in sales
charges and fees associated with each class.
Class C share (newer class) performance information includes returns of the
Fund's Class B shares (the oldest existing fund class) for periods prior to the
inception of the newer class shares. These Class B share returns were not
restated to reflect any expense differential (e.g., Rule 12b-1 fees) between
Class B shares and the newer class shares.
<PAGE>
<TABLE>
<CAPTION>
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INVESTEMENT PORTFOLIO
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MUNICIPAL BONDS - 97.2% PAR VALUE
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<S> <C> <C>
EDUCATION - 12.6%
EDUCATION - 9.6%
East Carolina University, Series 1994,
6.200% 11/01/15 $ 475 $ 509
State Educational Facilities Authority, Wake Forest University, Series 1998,
5.000% 11/01/17 1,235 1,318
State Educational Facilities Finance Agency, Duke University, Series C,
6.750% 10/01/21 250 240
North Carolina University Board Government,
5.250% 10/01/13 1,000 1,004
PR Commonwealth of Puerto Rico, Industrial Tourist, Educational,
Medical & Environmental Facilities, Ana G. Mendez University,
5.375% 02/01/19 275 266
-------
3,337
-------
STUDENT LOAN - 3.0%
State Education Assistance Authority,
Series 1996 C,
6.350% 07/01/16 1,000 1,034
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- ----------------------------------------------------------------------------------------------------
HEALTHCARE - 14.8%
HOSPITALS
Charlotte-Mecklenburg Hospital, Carolinas Healthcare Systems:
Series A:
5.000% 01/15/17 750 712
6.250% 01/01/20 1,485 1,558
Series 1996 A,
5.750% 01/15/21 250 253
Gaston Health Care,
5.000% 02/15/19 750 686
North Carolina Scotland Hospital,
5.500% 10/01/29(a) 750 722
State Medical Care Commission:
Annie Penn Memorial Hospital, Series 1998,
5.375% 01/01/22 625 579
Wilson Memorial Hospital, Series 1997,
(b) 11/01/14 1,380 611
-------
5,121
-------
- ---------------------------------------------------------------------------------------------------------
HOUSING - 12.3%
MULTI-FAMILY - 6.3%
Eastern Carolina Regional Housing Authority, New River Apartments
Jacksonville, Series 1994,
8.250% 09/01/14 240 255
Raleigh Cedar Point,
5.875% 05/01/30 500 490
State Housing Finance Agency, Series F,
6.600% 07/01/17 1,340 1,431
-------
2,176
-------
SINGLE-FAMILY - 6.0%
State Housing Finance Agency:
Series W,
6.450% 09/01/14 460 486
Series KK,
5.500% 03/01/09 305 316
Series RR,
5.850% 09/01/28 500 512
Series 1998,
5.250% 03/01/17 750 744
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2,058
-------
- ----------------------------------------------------------------------------------------------------
OTHER - 13.4%
REFUNDED/ESCROWED (c)
Cumberland County, Civic Center Project,
Series 1995 A,
6.400% 12/01/24 1,000 1,112
Eastern Municipal Power Agency,
Series 1991 A,
6.500% 01/01/18 1,500 1,720
Lincoln County, Lincoln County Hospital,
9.000% 05/01/07 235 271
State Municipal Power Agency, Catawba No. 1, Series 1990,
5.500% 01/01/13 1,000 1,037
Wake County, Series 1993,
5.125% 10/01/13 500 500
-------
4,640
-------
- ----------------------------------------------------------------------------------------------------
TAX-BACKED - 29.8%
LOCAL APPROPRIATED - 18.6%
Chapel Hill, Parking Facilities, Series 1994,
6.450% 12/01/23 500 543
Charlotte: Charlotte-Mecklenburg Law Project, Series 1993 B,
5.375% 06/01/13 700 705
Cityfair Parking Facility, Series 1994 A,
6.125% 06/01/10 430 461
Cumberland County, Civic Center Project,
Series 1998,
5.000% 12/01/18 1,000 956
Durham County, Hospital & Office Facilities: Series 1994,
6.000% 05/01/14 1,000 1,078
Series 1997,
5.000% 05/01/14 500 489
Harnett County, Harnett County Projects,
Series 1994,
6.400% 12/01/14 250 272
Randolph County, Randolph County Project,
Series 1995,
5.300% 06/01/15 500 499
Rowan County, Justice Center Project, Series 1992,
6.250% 12/01/07 500 539
Sampson Area,
4.750% 06/01/24 1,000 889
-------
6,431
-------
LOCAL GENERAL OBLIGATIONS - 2.6%
Mecklenburg County, Series 1998 B,
4.500% 02/01/16 1,000 910
-------
SPECIAL NON-PROPERTY TAX - 1.5%
State Centennial Authority, Arena Project,
5.000% 09/01/10 500 498
-------
STATE APPROPRIATED - 0.6%
PR Commonwealth of Puerto Rico, Public Buildings Authority, Series 1993 M,
3.750% 07/01/16 200 205
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STATE GENERAL OBLIGATIONS - 6.5%
PR Commonwealth of Puerto Rico, Aqueduct & Sewer Authority:
Series 1995,
6.250% 07/01/12 1,000 1,108
Series 1996,
6.500% 07/01/14 1,000 1,138
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2,246
-------
- ----------------------------------------------------------------------------------------------------
UTILITY - 14.3%
INVESTOR OWNED - 3.0%
Wake County Industrial Facilities & Pollution Control Financing
Authority, Carolina Power & Light Co.,
Series 1983,
6.900% 04/01/09 1,010 1,049
-------
JOINT POWER AUTHORITY - 6.1% Eastern Municipal Power Agency:
5.700% 01/01/16 300 305
Series 1996 A,
6.000% 01/01/22 500 529
State Municipal Power Agency,
Catawba Electric No. 1, Series 1998 A,
5.500% 01/01/15 1,250 1,280
-------
2,114
-------
MUNICIPAL ELECTRIC - 3.7% University of North Carolina at Chapel Hill:
(b) 08/01/13 2,000 958
Series 1997,
(b) 08/01/20(d) 1,000 315
-------
1,273
-------
WATER & SEWER - 1.5%
Asheville, Series 1996,
5.625% 08/01/16(d) 500 513
-------
TOTAL MUNICIPAL BONDS
(cost of $33,113)(e) 33,605
-------
OPTIONS - 0.0% CONTRACTS
- ----------------------------------------------------------------------------------------------------
September 1999 Treasury Bond Call, Strike
Price 122, expiration 09/17/99 (cost of $20) 1,500 (f)
-------
TOTAL INVESTMENTS (cost of $33,133) 33,605
-------
SHORT-TERM OBLIGATIONS - 4.0% PAR
- ----------------------------------------------------------------------------------------------------
VARIABLE RATE DEMAND NOTES (g)
NM Farmington, Arizona Public Service Co., Four Corners Project, Series
1994 B,
3.400% 09/01/24 100 100
NY New York City: Municipal Water Finance Authority, Series 1995 A,
3.500% 06/15/25 100 100
General Obligation, Series B,
3.700% 10/01/22 1,200 1,200
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TOTAL SHORT-TERM OBLIGATIONS 1,400
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OTHER ASSETS & LIABILITIES, NET - (1.2)% (418)
- ----------------------------------------------------------------------------------------------------
NET ASSETS - 100% $34,587
-------
NOTES TO INVESTMENT PORTFOLIO
- ----------------------------------------------------------------------------------------------------
(a) This security has been purchased on a delayed delivery basis for settlement at a future date
beyond the customary settlement date.
(b) Zero coupon bond.
(c) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government
in an irrevocable trust, solely for the payment of the interest and principal.
(d) These securities, or a portion thereof, with a total market value of $781, are being used to
collateralize the delayed delivery purchase indicated in note (a) above.
(e) Cost for federal income tax purposes is the same.
(f) Rounds to less than one.
(g) Variable rate demand notes are considered short-term obligations. Interest rates change
periodically on specified dates. This security is payable on demand and is secured by either
letters of credit or other credit support agreements from banks. The rate listed is as of July
31, 1999.
See notes to financial statements.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
July 31, 1999 (Unaudited)
(In thousands except for per share amounts and footnotes)
ASSETS
Investments at value (cost $33,133) $33,605
Short-term obligations 1,400
-------
35,005
Receivable for:
Interest 380
Other 55
-------
435
-------
Total Assets 35,440
LIABILITIES
Payable for:
Investments purchased 732
Fund shares repurchased 47
Distributions 41
Payable to Advisor 10
Accrued:
Deferred Trustees fees 3
Other 20
-------
Total Liabilities 853
-------
Net Assets $34,587
-------
CLASS A
Net asset value & redemption price
per share ($17,722/2,448) $ 7.24(a)
-------
Maximum offering price per share
($7.24/0.9525) $ 7.60(b)
-------
CLASS B
Net asset value & offering price per
share ($16,006/2,211) $ 7.24(a)
-------
CLASS C
Net asset value & offering price per
share ($859/119) $ 7.24(a)
-------
COMPOSITION OF NET ASSETS
Capital paid in $34,877
Overdistributed net investment income (33)
Accumulated net realized loss (729)
Net unrealized appreciation 472
-------
$34,587
-------
(a) Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
(b) On sales of $50,000 or more the offering price is reduced.
See notes to financial statements.
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
For the Six Months Ended July 31, 1999 (Unaudited)
(In thousands)
INVESTMENT INCOME
Interest $ 908
EXPENSES
Management fee 85
Service fee 30
Distribution fee - Class B 63
Distribution fee - Class C 3
Transfer agent fee 26
Bookkeeping fee 14
Trustees fee 4
Audit fee 10
Legal fee 2
Registration fee 9
Reports to shareholders 4
Other 3
-------
Total expenses 253
Fees waived by the Distributor - Class C (1)
-------
252
-------
Net Investment Income 656
-------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
PORTFOLIO POSITIONS
Net realized gain (loss) on:
Investments (2)
Closed futures contracts 20
-------
Net Realized Gain 18
-------
Net change in unrealized appreciation/depreciation during the period on:
Investments (1,692)
Open futures contracts (16)
-------
Net Change in Unrealized Appreciation/Depreciation (1,708)
-------
Net Loss (1,690)
-------
DECREASE IN NET ASSETS FROM OPERATIONS $(1,034)
-------
See notes to financial statements.
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
(In thousands)
(UNAUDITED)
SIX MONTHS ENDED YEAR ENDED
JULY 31, JANUARY 31,
INCREASE (DECREASE) IN NET ASSETS 1999 1999
- --------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 656 $ 1,389
Net realized gain 18 569
Net change in unrealized appreciation/depreciation (1,708) 185
------- -------
Net Increase (Decrease) from Operations (1,034) 2,143
DISTRIBUTIONS
From net investment income -- Class A (355) (753)
In excess of net investment income -- Class A -- (18)
From net investment income -- Class B (292) (661)
In excess of net investment income -- Class B -- (16)
From net investment income -- Class C (13) (10)
In excess of net investment income -- Class C -- (a)
------- -------
(1,694) 685
------- -------
FUND SHARE TRANSACTIONS
Receipts for shares sold -- Class A 3,304 1,709
Value of distributions reinvested -- Class A 207 459
Cost of shares repurchased -- Class A (1,379) (2,497)
------- -------
2,132 (329)
------- -------
Receipt for shares sold -- Class B 836 1,309
Value of distributions reinvested -- Class B 147 352
Cost of shares repurchased -- Class B (1,542) (1,968)
------- -------
(559) (307)
------- -------
Receipt for shares sold -- Class C 378 369
Value of distributions reinvested -- Class C 12 9
Cost of shares repurchased -- Class C -- (56)
------- -------
390 322
------- -------
Net Increase (Decrease) from Fund Share
Transactions 1,963 (314)
------- -------
Total Increase 269 371
NET ASSETS
Beginning of period 34,318 33,947
------- -------
End of period (net of overdistributed net investment
income of $33 and $29, respectively) $34,587 $34,318
======= =======
NUMBER OF FUND SHARES
Sold -- Class A 448 228
Issued for distributions reinvested -- Class A 28 61
Repurchased -- Class A (188) (334)
------- -------
104 (45)
------- -------
Sold -- Class B 113 175
Issued for distributions reinvested -- Class B 20 47
Repurchased -- Class B (208) (265)
------- -------
(75) (43)
------- -------
Sold -- Class C 51 49
Issued for distributions reinvested -- Class C 2 1
Repurchased -- Class C -- (7)
------- -------
53 43
------- -------
(a) Rounds to less than one.
See notes to financial statements.
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
July 31, 1999 (Unaudited)
NOTE 1. INTERIM FINANCIAL STATEMENTS
In the opinion of management of Colonial North Carolina Tax-Exempt Fund (the
Fund), a series of Liberty Funds Trust V, formerly Colonial Trust V, the
accompanying financial statements contain all normal and recurring adjustments
necessary for the fair presentation of the financial position of the Fund at
July 31, 1999, 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's investment objective is to seek as
high a level of after-tax total return, as is consistent with prudent risk, by
pursuing current income exempt from federal and North Carolina state personal
income tax and opportunities for long-term appreciation from a portfolio
primarily invested in investment grade municipal bonds. The Fund may issue an
unlimited number of shares. The Fund offers three classes of shares: Class A,
Class B and Class C. Class A shares are sold with a front-end sales charge. A
1.00% contingent deferred sales charge is assessed on redemptions made within
eighteen months on an original purchase of $1 million to $5 million. Class B
shares are subject to an annual distribution fee and a contingent deferred sales
charge and will convert to Class A shares when they have been outstanding
approximately eight years. Class C shares 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 that are consistently followed by the Fund in
the preparation of its financial statements.
SECURITY VALUATION AND TRANSACTIONS
Debt securities generally are valued by a pricing service based upon market
transactions for normal, institutional-size trading units of similar securities.
When management deems it appropriate, an over-the-counter or exchange bid
quotation is used.
Options are valued at the last reported sale price, or in the absence of a sale,
the mean between the last quoted bid and asking price.
Futures contracts are valued based on the difference between the last sale price
and the opening price of the contract.
Short-term obligations with a maturity of 60 days or less are valued at
amortized cost.
Portfolio positions for which market quotations are not readily available are
valued at fair value under procedures approved by the Trustees.
Security transactions are accounted for on the date the securities are
purchased, sold or mature.
Cost is determined and gains (losses) are based upon the specific identification
method for both financial statement and federal income tax purposes.
The Fund may trade securities on other than normal settlement terms. This may
increase the risk if the other party to the transaction fails to deliver and
causes the Fund to subsequently invest at less advantageous prices.
DETERMINATION OF CLASS NET ASSET VALUES AND FINANCIAL HIGHLIGHTS All income,
expenses (other than the Class B and Class C 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 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 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 and tax-exempt income, no federal income
tax has been accrued.
INTEREST INCOME, DEBT DISCOUNT AND PREMIUM
Interest income is recorded on the accrual basis. Original issue discount is
accreted to interest income over the life of a security with a corresponding
increase in the cost basis; market discount is not accreted. Premium is
amortized against interest income with a corresponding decrease in the cost
basis.
DISTRIBUTIONS TO SHAREHOLDERS
The Fund declares and records distributions daily and pays monthly.
The amount and character of income and gains to be distributed are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. Reclassifications are made to the Fund's capital accounts
to reflect income and gains available for distribution (or available capital
loss carryforwards) under income tax regulations.
NOTE 3. FEES AND COMPENSATION PAID TO AFFILIATES
MANAGEMENT FEE
Colonial Management Associates, Inc. (the Advisor) is the investment Advisor of
the Fund and furnishes accounting and other services and office facilities for a
monthly fee based on the Fund's pro-rata portion of the combined average net
assets of the funds constituting Trust V as follows:
Average Net Assets Annual Fee Rate
------------------ ---------------
First $2 billion 0.50%
Over $2 billion 0.45%
BOOKKEEPING FEE
The Advisor provides bookkeeping and pricing services for a monthly fee equal to
$27,000 annually plus 0.035% of the Fund's average net assets over $50 million.
TRANSFER AGENT FEE
Liberty Funds Services, Inc. (the Transfer Agent), an affiliate of the Advisor,
provides shareholder services for a monthly fee equal to 0.13% annually of the
Fund's average net assets and receives reimbursement for certain out-of-pocket
expenses.
UNDERWRITING DISCOUNTS, SERVICE AND DISTRIBUTION FEES
Liberty Funds Distributor, Inc. (the Distributor), a subsidiary of the Advisor,
is the Fund's principal underwriter. During the six months ended July 31, 1999,
the Fund has been advised that the Distributor retained net underwriting
discounts of $5,852 on sales of the Fund's Class A shares and received
contingent deferred sales charges (CDSC) of none, $18,378 and none on Class A,
Class B and Class C share redemptions, respectively.
The Fund has adopted a 12b-1 plan which requires the payment of a distribution
fee to the Distributor equal to 0.75% of the Fund's average net assets
attributable to Class B and Class C shares. The Distributor has voluntarily
agreed, until further notice, to waive a portion of the Class C share
distribution fee so that it will not exceed 0.45% annually. The plan also
requires the payment of a service fee to the Distributor as follows:
Valuation of shares Annual
outstanding on the 20th of Fee
each month which were issued Rate
------------------------------- ------
Prior to November 30, 1994 0.10%
On or after December 1, 1994 0.25%
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.
OTHER
The Fund pays no compensation to its officers, all of whom are employees of the
Advisor.
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 net assets.
The Fund has an agreement with its custodian bank under which custodian fees
were reduced by balance credits of $1,077 applied during the six months ended
July 31, 1999. The Fund could have reinvested a portion of the assets utilized
in connection with the expense offset arrangements in an income producing asset
if it had not entered into such an agreement.
NOTE 4. PORTFOLIO INFORMATION
INVESTMENT ACTIVITY
For the six months ended July 31, 1999, purchases and sales of investments,
other than short-term obligations were $4,509,802 and $2,003,125, respectively.
Unrealized appreciation (depreciation) at July 31, 1999, based on cost of
investments for both financial statement and federal income tax purposes was:
Gross unrealized appreciation $ 889,709
Gross unrealized depreciation (417,869)
---------
Net unrealized appreciation $ 471,840
---------
CAPITAL LOSS CARRYFORWARDS
At January 31, 1999, capital loss carryforwards available (to the extent
provided in regulations) to offset future realized gains were approximately as
follows:
Year of Capital loss
expiration carryforward
---------- ------------
2004 $356,000
2005 $124,000
--------
$480,000
--------
Expired capital loss carryforwards, if any, are recorded as a reduction of
capital paid in.
To the extent loss carryforwards are used to offset any future realized gains,
it is unlikely that such gains would be distributed since they may be taxable to
shareholders as ordinary income.
OTHER
There are certain risks arising from geographic concentration in any state.
Certain revenue or tax related events in a state may impair the ability of
certain issuers of municipal securities to pay principal and interest on their
obligations.
The Fund may focus its investments in certain industries, subjecting it to
greater risk than a fund that is more diversified.
The Fund may purchase or sell municipal and Treasury bond futures contracts and
purchase and write options on futures. The Fund will invest in these instruments
to hedge against the effects of changes in the value of portfolio securities due
to anticipated changes in interest rates and/or market conditions, for duration
management, or when the transactions are economically appropriate to the
reduction of risk inherent in the management of the Fund and not for trading
purposes. The use of futures contracts and options involves certain risks which
include (1) imperfect correlation between the price movement of the instruments
and the underlying securities, (2) inability to close out a position due to
different trading hours, or the temporary absence of a liquid market for either
the instrument or the underlying securities or (3) an inaccurate prediction by
the Advisor of the future direction of interest rates. Any of these risks may
involve amounts exceeding the amount recognized in the Fund's Statement of
Assets and Liabilities at any given time.
NOTE 5. LINE OF CREDIT
The Fund may borrow up to 33 1/3% of its net assets under a line of credit for
temporary or emergency purposes. Any borrowings bear interest at one of the
following options determined at the inception of the loan: (1) federal funds
rate plus 1/2 of 1%, (2) the lending bank's base rate or (3) IBOR offshore loan
rate plus 1/2 of 1%. There were no borrowings under the line of credit during
the six months ended July 31, 1999.
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS ENDED JULY 31, 1999
-----------------------------------------------------
CLASS A CLASS B CLASS C
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.600 $ 7.600 $ 7.600
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.156 0.129 0.140(a)
Net realized and unrealized loss (0.359) (0.359) (0.359)
------- ------- -------
Total from Investment Operations (0.203) (0.230) (0.219)
------- ------- -------
LESS DISTRIBUTIONS DECLARED TO SHAREHOLDERS
From net investment income (0.157) (0.130) (0.141)
------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 7.240 $ 7.240 $ 7.240
------- ------- -------
Total return (b)(c) (2.69)% (3.05)% (2.91)%(d)
------- ------- -------
RATIOS TO AVERAGE NET ASSETS
Expenses (e)(f) 1.10% 1.85% 1.55%(a)
Net investment income (e)(f) 4.22% 3.47% 3.77%(a)
Portfolio turnover (c) 6% 6% 6%
Net assets at end of period (000) $17,722 $16,006 $ 859
(a) Net of fees waived by the Distributor which amounted to $0.011 per share and 0.30%.
(b) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent
deferred sales c harge. (c) Not annualized
(d) Had the Distributor not waived a portion of expenses, total return would have been reduced.
(e) The benefits derived from custody credits and directed brokerage arrangements had no impact.
(f) Annualized.
<CAPTION>
YEAR ENDED JANUARY 31, 1999
-------------------------------------------------------------------------
CLASS A CLASS B CLASS C
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.450 $ 7.450 $ 7.450
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income (a) 0.342 0.285 0.307(b)
Net realized and unrealized gain 0.164 0.164 0.164
------- ------- -------
Total from Investment Operations 0.506 0.449 0.471
------- ------- -------
LESS DISTRIBUTIONS DECLARED TO SHAREHOLDERS:
From net investment income (0.348) (0.292) (0.314)
In excess of net investment income (0.008) (0.007) (0.007)
------- ------- -------
Total Distributions Declared to Shareholders (0.356) (0.299) (0.321)
------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 7.600 $ 7.600 $ 7.600
------- ------- -------
Total return (c)(d) 6.98% 6.17% 6.49%
------- ------- -------
RATIOS TO AVERAGE NET ASSETS
Expenses (e) 0.81% 1.56% 1.26%(b)
Net investment income (e) 4.55% 3.80% 4.10%(b)
Fees and expenses waived or borne by the Advisor (e) 0.29% 0.29% 0.29%
Portfolio turnover 26% 26% 26%
Net assets at end of period (000) $16,426 $17,387 $ 505
(a) Net of fees and expenses waived or borne by the
Advisor which amounted to: $ 0.022 $ 0.022 $ 0.022
(b) Net of fees waived by the Distributor which amounted to $0.022 per share and 0.30%.
(c) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent
deferred sales c harge.
(d) Had the Advisor and Distributor not waived or reimbursed a portion of expenses, total return would have been
reduced.
(e) The benefits derived from custody credits and directed brokerage arrangements had an impact of 0.01% and $0.001
per share.
<CAPTION>
YEAR ENDED JANUARY 31
-----------------------------------------------------------------------
1998 1997
------------------------------------- -----------------------
CLASS A CLASS B CLASS C(b) CLASS A CLASS B
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.120 $ 7.120 $ 7.350 $ 7.270 $ 7.270
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS
Net investment income (a) 0.373 0.319 0.168(c) 0.376 0.322
Net realized and unrealized gain (loss) 0.327 0.327 0.100 (0.150) (0.150)
-------- -------- -------- -------- --------
Total from Investment Operations 0.700 0.646 0.268 0.226 0.172
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS DECLARED TO SHAREHOLDERS
From net investment income (0.370) (0.316) (0.168) (0.376) (0.322)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 7.450 $ 7.450 $ 7.450 $ 7.120 $ 7.120
-------- -------- -------- -------- --------
Total return (d)(e) 10.10% 9.28% 3.69%(f) 3.29% 2.51%
-------- -------- -------- -------- --------
RATIOS TO AVERAGE NET ASSETS
Expenses (g) 0.49% 1.24% 0.96%(c)(h) 0.45% 1.20%
Net investment income (g) 5.11% 4.36% 4.55%(c)(h) 5.29% 4.54%
Fees and expenses waived or borne by the
Advisor (g) 0.64% 0.64% 0.63%(h) 0.66% 0.66%
Portfolio turnover 23% 23% 23% 38% 38%
Net assets at end of period (000) $ 16,425 $ 17,348 $ 174 $ 16,522 $ 17,427
(a) Net of fees and expenses waived or
borne by the Advisor which amounted to: $ 0.047 $ 0.047 $ 0.047 $ 0.047 $ 0.047
(b) Class C shares were initially offered on August 1, 1997. Per share amounts reflect activity from date.
(c) Net of fees waived by the Distributor which amounted to $0.011 per share and 0.30%.
(d) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent
deferred sales c harge.
(e) Had the Advisor and Distributor not waived or reimbursed a portion of expenses, total return would have been
reduced.
(f) Not annualized.
(g) The benefits derived from custody credits and directed brokerage arrangements had no impact.
(h) Annualized.
<CAPTION>
YEAR ENDED JANUARY 31
------------------------------------------------------------------------
1996 1995
------------------------------ ----------------------------
CLASS A CLASS B CLASS A CLASS B
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE - BEGINNING OF PERIOD $ 6.680 $ 6.680 $ 7.500 $ 7.500
-------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS
Net investment income (a) 0.386 0.334 0.396 0.345
Net realized and unrealized gain (loss) 0.588 0.588 (0.822) (0.822)
-------- -------- -------- --------
Total from Investment Operations 0.974 0.922 (0.426) (0.477)
-------- -------- -------- --------
LESS DISTRIBUTIONS DECLARED TO SHAREHOLDERS
From net investment income (0.384) (0.332) (0.394) (0.343)
-------- -------- -------- --------
NET ASSET VALUE - END OF PERIOD $ 7.270 $ 7.270 $ 6.680 $ 6.680
-------- -------- -------- --------
Total return (b)(c) 14.91% 14.07% (5.55)% (6.27)%
-------- -------- -------- --------
RATIOS TO AVERAGE NET ASSETS
Expenses 0.33%(d) 1.08%(d) 0.12% 0.87%
Net investment income 5.47%(d) 4.72%(d) 5.83% 5.08%
Fees and expenses waived or borne by the
Advisor 0.76%(d) 0.76%(d) 0.93% 0.93%
Portfolio turnover 34% 34% 37% 37%
Net assets at end of period (000) $ 15,813 $ 18,593 $ 14,189 $ 17,169
(a) Net of fees and expenses waived or borne
by the Advisor which amounted to: $ 0.053 $ 0.053 $ 0.063 $ 0.063
(b) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent
deferred sales c harge.
(c) Had the Advisor not waived or reimbursed a portion of expenses, total return would have been reduced.
(d) The benefits derived from custody credits and directed brokerage agreements had no impact. Prior year's ratios
are net of benefits received, if any.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
TRUSTEES & TRANSFER AGENT
- --------------------------------------------------------------------------------
ROBERT J. BIRNBAUM WILLIAM E. MAYER
Consultant (formerly Special Partner, Development Capital, LLC
Counsel, Dechert, Price & Rhoads; (formerly Dean, College of Business
President and Chief Operating and Management, University of
Officer, New York Stock Exchange, Maryland; Dean, Simon Graduate
Inc.; President, American Stock School of Business, University of
Exchange Inc.) Rochester; Chairman and Chief
Executive Officer, CS First Boston
TOM BLEASDALE Merchant Bank; and President and
Retired (formerly Chairman of the Chief Executive Officer, The First
Board and Chief Executive Officer, Boston Corporation)
Shore Bank & Trust Company)
JAMES L. MOODY, JR.
JOHN V. CARBERRY Retired (formerly Chairman of the
Senior Vice President of Liberty Board, Chief Executive Officer and
Financial Companies, Inc. (formerly Director Hannaford Bros. Co.)
Managing Director, Salomon
Brothers) JOHN J. NEUHAUSER
Dean, Boston College School of
LORA S. COLLINS Management
Attorney (formerly Attorney,
Kramer, Levin, Naftalis & Frankel) THOMAS E. STITZEL
Professor of Finance, College of
JAMES E. GRINNELL Business, Boise State University;
Private Investor (formerly Senior Business Consultant and Author
Vice President-Operations, The
Rockport Company) ROBERT L. SULLIVAN
Retired Partner, KPMG LLP (formerly
RICHARD W. LOWRY Management Consultant, Saatchi and
Private Investor (formerly Chairman Saatchi Consulting Ltd. and
and Chief Executive Officer, U.S. Principal and International
Plywood Corporation) Practice Director, Management
Consulting, Peat Marwick Main & Co.)
SALVATORE MACERA
Private Investor (formerly ANNE-LEE VERVILLE
Executive Vice President of Itek Consultant (formerly General
Corp. and President of Itek Optical Manager, Global Education Industry,
& Electronic Industries, Inc.) and President, Applications
Solutions Division, IBM
Corporation)
- --------------------------------------------------------------------------------
IMPORTANT INFORMATION ABOUT THIS REPORT
The Transfer Agent for Colonial North Carolina Tax-Exempt Fund is:
Liberty Funds Services, Inc.
P.O. Box 1722
Boston, MA 02105-1722
1-800-345-6611
The Fund mails one shareholder report to each shareholder address. If you would
like more than one report, please call 1-800-426-3750 and additional reports
will be sent to you.
This report has been prepared for shareholders of Colonial North Carolina
Tax-Exempt 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, and with the
most recent copy of the Liberty Funds Distributor, Inc. Performance Update.
<PAGE>
- --------------------------------------------------------------------------------
CHOOSE LIBERTY
- --------------------------------------------------------------------------------
BECAUSE NO SINGLE INVESTMENT MANAGER CAN BE ALL THINGS TO ALL INVESTORS.(SM)
- --------------------------------------------------------------------------------
L I B E R T Y
- --------------------------------------------------------------------------------
[Graphic Omitted] Colonial has long been a recognized leader in fixed-income
investing. In addition, Colonial has distinguished itself
with both a traditional value and a more contemporary
approach to equity investing.
- --------------------------------------------------------------------------------
[Graphic Omitted] Crabbe Huson's contrarian investment style seeks long-term
performance by investing in stocks from high-quality,
out-of-favor companies. This risk-averse strategy
capitalizes on the potential of these companies to regain
market popularity.
- --------------------------------------------------------------------------------
[Graphic Omitted] LAMCO brings institutional money management to individual
investors through a disciplined multi-manager investment
process that seeks to deliver consistent long-term returns.
- --------------------------------------------------------------------------------
[Graphic Omitted] A leader in Asian investing(TM), Newport has an unparalleled
knowledge of Asian economies, business and culture.
- --------------------------------------------------------------------------------
[Graphic Omitted] Stein Roe's growth management style emphasizes companies
with the ability to create, maintain and grow earnings in
different market environments.
- --------------------------------------------------------------------------------
BOSTON o CHICAGO o NEW YORK o PORTLAND o SAN FRANCISCO
- --------------------------------------------------------------------------------
That's why each of these affiliated managers has excelled in a particular
investment style. These managers not only specialize in a distinct investment
style, they hold a passion for their style along with a demonstrated track
record.
Each of these managers is a member of the Liberty Financial Companies (NYSE: L),
a diversified asset accumulation and management organization with over $62.7
billion in assets under management for more than 1.7 million investors. Many of
the affiliated managers' products are offered by prospectus through Liberty
Funds Distributor, Inc.
Ask your financial advisor to help you develop an investment strategy that
blends the complementary disciplines of different managers into a well-balanced
program tailored to your goals.
- --------------------------------------------------------------------------------
COLONIAL NORTH CAROLINA TAX-EXEMPT FUND SEMIANNUAL REPORT
- --------------------------------------------------------------------------------
---------------
BULK RATE
[Graphic U.S. POSTAGE
Omitted] L I B E R T Y PAID
----------------- HOLLISTON, MA
F U N D S PERMIT NO. 20
---------------
ALL-STAR o COLONIAL o CRABBE HUSON o NEWPORT o STEIN ROE ADVISOR
Liberty Funds Distributor, Inc. (C)1999
One Financial Center, Boston, MA 02111-2621, 1-800-426-3750
www.libertyfunds.com
NC-03/580H-0799 (9/99) 99/1103
