COLONIAL HIGH YIELD SECURITIES FUND
                         COLONIAL INCOME FUND
                    COLONIAL STRATEGIC INCOME FUND
                 COLONIAL GOVERNMENT MONEY MARKET FUND                         
                     COLONIAL U.S. GOVERNMENT FUND                             
             COLONIAL ADJUSTABLE RATE U.S. GOVERNMENT FUND
                      COLONIAL GROWTH SHARES FUND
                           THE COLONIAL FUND
                   COLONIAL FEDERAL SECURITIES FUND
                      COLONIAL GLOBAL EQUITY FUND
                COLONIAL GLOBAL NATURAL RESOURCES FUND
                   COLONIAL STRATEGIC BALANCED FUND
                COLONIAL INTERNATIONAL FUND FOR GROWTH
                COLONIAL MASSACHUSETTS TAX-EXEMPT FUND
                   COLONIAL MICHIGAN TAX-EXEMPT FUND
                  COLONIAL MINNESOTA TAX-EXEMPT FUND
                   COLONIAL NEW YORK TAX-EXEMPT FUND
                     COLONIAL OHIO TAX-EXEMPT FUND
                  COLONIAL CALIFORNIA TAX-EXEMPT FUND
                 COLONIAL CONNECTICUT TAX-EXEMPT FUND
                   COLONIAL FLORIDA TAX-EXEMPT FUND
                COLONIAL NORTH CAROLINA TAX-EXEMPT FUND
                     COLONIAL U.S. FUND FOR GROWTH
                       COLONIAL SMALL STOCK FUND
                                   
                         Prospectus Supplement
            (Supplanting Supplement dated October 24, 1994)
                                   
On or about March 24, 1995, each of Colonial Management Associates,
Inc., Colonial Investment Services, Inc. and Colonial Investors
Service Center, Inc. became an indirect subsidiary of Liberty
Financial Companies, Inc., which in turn is a subsidiary of Liberty
Mutual Insurance Company.  Therefore, John A. McNeice, Jr. is no                
longer a controlling person.

D-790A-395
March 24, 1995