NEWPORT GREATER CHINA FUND
                   NEWPORT GREATER CHINA FUND, CLASS Z SHARES

                           Supplement to Prospectuses

Until further notice, Newport Greater China Fund shares may be purchased only by
current shareholders,  employees of Colonial Management Associates, Inc. and its
affiliates,  and  shareholders  of other  mutual  funds  distributed  by Liberty
Financial  Investments  Inc.,  including  funds  advised by Colonial  Management
Associates,  Inc., Stein Roe & Farnham Incorporated and Newport Fund Management,
Inc.






GC-36/335E-1097                     October 27, 1997



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