COLONIAL VALUE FUND
Class A, B, C and Z Shares
Supplement to Prospectuses
dated November 1, 1999
Effective July 14, 2000, the Fund changed its name to Liberty Value Fund.
The Fund recently changed the primary benchmark that the Fund compares its
performance to from the S&P 500 Index to the S&P 500 Barra Value Index. The
Fund's advisor believes the S&P 500 Barra Value Index is more representative of
the Fund's investment philosophy and should create more meaningful performance
comparisons.
The Prospectuses are revised as follows:
The caption Performance History is revised to include the S&P 500 Barra Value
Index. The S&P 500 Barra Value Index is an unmanaged index that tracks the
performance of the value stocks, as determined by low price-to-book ratios,
included in the S&P 500 Index.
The Fund's Class A share without sales charge year to date cumulative total
return through June 30, 2000 was (0.06)%.
The Fund's average annual total returns including sales charges for the period
ended December 31, 1999 are as follows:
Life of
Inception 1 Year the Fund(1)
Date
Class A 3/25/96 (3.76)% 11.69%
Class B 3/25/96 (3.61) 12.05
Class C 3/25/96 0.37 12.62
Class Z 12/1/98 2.29 13.52
S&P 500 Index N/A 21.03 26.60
S&P 500 Barra
Value Index N/A 12.72 19.11
Lipper Growth
& Income
Fund category N/A 13.80 18.52
(1) Performance information is from March 31, 1996 through December 31,
1999.
724-36/143C-0700 July 28, 2000
