CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
We consent to the references to our firm under the captions "Financial
Highlights" for Colonial California Tax-Exempt Fund, Colonial Connecticut
Tax-Exempt Fund, Colonial Florida Tax-Exempt Fund, Colonial Massachusetts
Tax-Exempt Fund and Colonial Michigan Tax-Exempt Fund (five of the funds
comprising Liberty Funds Trust V) in the Colonial State Funds Prospectus and
"Independent Accountants/Auditors" in the Statement of Additional Information
and to the incorporation by reference in Post-Effective Amendment Number 26 to
the Registration Statement (Form N-1A, No. 33-12109) of our reports dated March
13, 2000 on the financial statements and financial highlights of Colonial
California Tax-Exempt Fund, Colonial Connecticut Tax-Exempt Fund, Colonial
Florida Tax-Exempt Fund, Colonial Massachusetts Tax-Exempt Fund and Colonial
Michigan Tax-Exempt Fund.
ERNST & YOUNG LLP
Boston, Massachusetts
May 24, 2000
