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COLONIAL EQUITY INCOME FUND Supplement to Prospectus dated September 30, 1996 Effective January 24, 1997, Peter Wiley no longer co- manages the Fund. Michael Rega, Vice President of the Adviser, has been employed by the Adviser as an Analyst since 1993 and has co- managed the Fund and another Colonial equity fund since 1997. Prior to joining the Adviser in 1993, Mr. Rega was a Project Manager at MIT's Lincoln Laboratory. EI-36/443D-0297 March 10, 1997
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