-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VrQu0mfxh1xMyYf20dGipx45Cqb2PvOigzeWMprI+vpQc8taDb1SnUO0GBJZFjZ5 32doKp4UgaEucdbgVrMNsw== 0000810891-02-000007.txt : 20020415 0000810891-02-000007.hdr.sgml : 20020415 ACCESSION NUMBER: 0000810891-02-000007 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20011231 FILED AS OF DATE: 20020301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIBERTY ACORN TRUST CENTRAL INDEX KEY: 0000002110 IRS NUMBER: 362692100 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-01829 FILM NUMBER: 02564547 BUSINESS ADDRESS: STREET 1: 227 W MONROE STE 3000 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3126349200 MAIL ADDRESS: STREET 1: 227 W MONROE STE 3000 CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: ACORN FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ACORN INVESTMENT TRUST DATE OF NAME CHANGE: 19940204 NSAR-B 1 answer.fil PAGE 1 000 B000000 12/31/2001 000 C000000 0000002110 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 LIBERTY ACORN TRUST 001 B000000 811-01829 001 C000000 8002252365 002 A000000 ONE FINANCIAL CENTER 002 B000000 BOSTON 002 C000000 MA 002 D010000 02111 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 5 007 C010100 1 007 C020100 LIBERTY ACORN FUND 007 C030100 N 007 C010200 2 007 C020200 LIBERTY ACORN USA 007 C030200 N 007 C010300 3 007 C020300 LIBERTY ACORN TWENTY 007 C030300 N 007 C010400 4 007 C020400 LIBERTY ACORN INTERNATIONAL 007 C030400 N 007 C010500 5 007 C020500 LIBERTY ACORN FOREIGN FORTY 007 C030500 N 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 008 A00AA01 LIBERTY WANGER ASSET MANAGEMENT, L.P. 008 B00AA01 A 008 C00AA01 801-999 008 D01AA01 CHICAGO 008 D02AA01 IL 008 D03AA01 99999 010 A00AA01 LIBERTY WANGER ASSET MANAGEMENT, L.P. 010 B00AA01 84-999 010 C01AA01 CHICAGO PAGE 2 010 C02AA01 IL 010 C03AA01 99999 011 A00AA01 LIBERTY FUNDS DISTRIBUTOR, INC. 011 B00AA01 8-01-18179 011 C01AA01 BOSTON 011 C02AA01 MA 011 C03AA01 02110 012 A00AA01 LIBERTY FUNDS SERVICES, INC. 012 B00AA01 84-999 012 C01AA01 BOSTON 012 C02AA01 MA 012 C03AA01 02110 013 A00AA01 ERNST & YOUNG, LLP 013 B01AA01 CHICAGO 013 B02AA01 IL 013 B03AA01 60606 013 B04AA01 6301 015 A00AA01 STATE STREET BANK & TRUST COMPANY 015 B00AA01 C 015 C01AA01 BOSTON 015 C02AA01 MA 015 C03AA01 02110 015 E01AA01 X 018 00AA00 Y 019 A00AA00 Y 019 B00AA00 107 019 C00AA00 LIBFMFUNDS 020 A000001 COMMERZBANK 020 B000001 - 020 C000001 109 020 A000002 SANTANDER INVESTMENT 020 B000002 - 020 C000002 98 020 A000003 FORTIS BANK 020 B000003 - 020 C000003 95 020 A000004 MORGAN STANLEY & CO. 020 B000004 13-2655998 020 C000004 93 020 A000005 DONALDSON LUFKIN & JENRETTE 020 B000005 13-2741729 020 C000005 90 020 A000006 NOMURA SECURITIES 020 B000006 13-2642206 020 C000006 87 020 A000007 DAVY STOCKBROKERS 020 B000007 - 020 C000007 82 020 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH 020 B000008 13-5674085 020 C000008 75 PAGE 3 020 A000009 CREDIT LYONNAIS 020 B000009 - 020 C000009 75 020 A000010 CARNEGIE ESPANA 020 B000010 - 020 C000010 75 021 000000 8288 022 A000001 JM LUMMIS 022 B000001 - 022 C000001 8149763 022 D000001 0 022 A000002 THE WILLIAMS CAPITAL GROUP 022 B000002 23-2177819 022 C000002 6233535 022 D000002 0 022 A000003 AMERICAN GENERAL FINANCE 022 B000003 - 022 C000003 2115869 022 D000003 1135 022 A000004 PRUDENT FUNDING 022 B000004 - 022 C000004 1210755 022 D000004 0 022 A000005 GE CAPITAL 022 B000005 - 022 C000005 1016890 022 D000005 0 022 A000006 STATE STREET BANK & TRUST CO. 022 B000006 04-1867445 022 C000006 264641 022 D000006 313682 022 A000007 CHASE MANHATTAN BANK 022 B000007 13-3112953 022 C000007 323537 022 D000007 206849 022 A000008 CITIGROUP 022 B000008 - 022 C000008 524373 022 D000008 0 022 A000009 PRUDENTIAL SECURITIES 022 B000009 22-2347336 022 C000009 441688 022 D000009 0 022 A000010 FORD MOTOR CREDIT 022 B000010 - 022 C000010 379952 022 D000010 0 023 C000000 21920619 023 D000000 1296269 024 00AA00 N 025 D00AA01 0 PAGE 4 025 D00AA02 0 025 D00AA03 0 025 D00AA04 0 025 D00AA05 0 025 D00AA06 0 025 D00AA07 0 025 D00AA08 0 026 A000000 Y 026 B000000 Y 026 C000000 Y 026 D000000 Y 026 E000000 N 026 F000000 N 026 G010000 N 026 G020000 N 026 H000000 N 027 000000 Y 077 A000000 Y 077 B000000 Y 077 C000000 Y 077 D000000 N 077 E000000 N 077 F000000 N 077 G000000 N 077 H000000 N 077 I000000 N 077 J000000 N 077 K000000 N 077 L000000 N 077 M000000 N 077 N000000 N 077 O000000 N 077 P000000 N 077 Q010000 Y 077 Q020000 N 077 Q030000 N 080 A00AA00 ICI MUTUAL INSURANCE COMPANY 080 B00AA00 N/A 080 C00AA00 35000 081 A00AA00 Y 081 B00AA00 140 082 A00AA00 Y 082 B00AA00 150 083 A00AA00 N 083 B00AA00 0 084 A00AA00 N 084 B00AA00 0 085 A00AA00 Y 085 B00AA00 N 086 A010000 0 086 A020000 0 PAGE 5 086 B010000 0 086 B020000 0 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 028 A010100 129276 028 A020100 0 028 A030100 0 028 A040100 52015 028 B010100 118947 028 B020100 0 028 B030100 0 028 B040100 52206 028 C010100 89299 028 C020100 0 028 C030100 0 028 C040100 78199 028 D010100 144302 028 D020100 0 028 D030100 0 028 D040100 36188 028 E010100 137198 028 E020100 3 028 E030100 0 028 E040100 34209 028 F010100 163820 028 F020100 21432 028 F030100 0 028 F040100 87048 028 G010100 782842 028 G020100 21435 028 G030100 0 028 G040100 339865 028 H000100 190351 029 000100 Y 030 A000100 4554 030 B000100 5.75 030 C000100 0.00 031 A000100 330 031 B000100 0 032 000100 4224 033 000100 0 034 000100 Y 035 000100 282 036 A000100 N 036 B000100 0 PAGE 6 037 000100 N 038 000100 0 039 000100 N 040 000100 Y 041 000100 Y 042 A000100 0 042 B000100 0 042 C000100 100 042 D000100 0 042 E000100 0 042 F000100 0 042 G000100 0 042 H000100 0 043 000100 2270 044 000100 0 045 000100 Y 046 000100 N 047 000100 Y 048 000100 0.000 048 A010100 700000 048 A020100 0.750 048 B010100 1300000 048 B020100 0.700 048 C010100 0 048 C020100 0.000 048 D010100 0 048 D020100 0.000 048 E010100 0 048 E020100 0.000 048 F010100 0 048 F020100 0.000 048 G010100 0 048 G020100 0.000 048 H010100 0 048 H020100 0.000 048 I010100 0 048 I020100 0.000 048 J010100 0 048 J020100 0.000 048 K010100 2000000 048 K020100 0.650 049 000100 N 050 000100 N 051 000100 N 052 000100 N 053 A000100 N 054 A000100 Y 054 B000100 N 054 C000100 Y 054 D000100 N 054 E000100 N PAGE 7 054 F000100 N 054 G000100 N 054 H000100 Y 054 I000100 N 054 J000100 Y 054 K000100 N 054 L000100 N 054 M000100 Y 054 N000100 Y 054 O000100 N 055 A000100 N 055 B000100 N 056 000100 Y 057 000100 N 058 A000100 N 059 000100 Y 060 A000100 Y 060 B000100 Y 061 000100 1000 062 A000100 N 062 B000100 0.0 062 C000100 0.0 062 D000100 0.0 062 E000100 0.0 062 F000100 0.0 062 G000100 0.0 062 H000100 0.0 062 I000100 0.0 062 J000100 0.0 062 K000100 0.0 062 L000100 0.0 062 M000100 0.0 062 N000100 0.0 062 O000100 0.0 062 P000100 0.0 062 Q000100 0.0 062 R000100 0.0 063 A000100 0 063 B000100 0.0 066 A000100 Y 066 B000100 N 066 C000100 Y 066 D000100 N 066 E000100 N 066 F000100 N 066 G000100 N 067 000100 N 068 A000100 N 068 B000100 N 069 000100 N 070 A010100 Y PAGE 8 070 A020100 Y 070 B010100 Y 070 B020100 N 070 C010100 Y 070 C020100 N 070 D010100 Y 070 D020100 N 070 E010100 Y 070 E020100 N 070 F010100 Y 070 F020100 Y 070 G010100 Y 070 G020100 N 070 H010100 Y 070 H020100 N 070 I010100 Y 070 I020100 N 070 J010100 Y 070 J020100 N 070 K010100 Y 070 K020100 N 070 L010100 Y 070 L020100 N 070 M010100 Y 070 M020100 N 070 N010100 Y 070 N020100 N 070 O010100 Y 070 O020100 N 070 P010100 Y 070 P020100 Y 070 Q010100 Y 070 Q020100 N 070 R010100 Y 070 R020100 N 071 A000100 1338594 071 B000100 780413 071 C000100 3969192 071 D000100 20 072 A000100 12 072 B000100 14157 072 C000100 32745 072 D000100 0 072 E000100 0 072 F000100 29187 072 G000100 2141 072 H000100 0 072 I000100 2355 072 J000100 535 072 K000100 0 072 L000100 527 PAGE 9 072 M000100 347 072 N000100 203 072 O000100 0 072 P000100 0 072 Q000100 0 072 R000100 73 072 S000100 136 072 T000100 2270 072 U000100 0 072 V000100 0 072 W000100 313 072 X000100 38087 072 Y000100 16 072 Z000100 8831 072AA000100 25700 072BB000100 0 072CC010100 244013 072CC020100 0 072DD010100 8940 072DD020100 0 072EE000100 87766 073 A010100 0.0000 073 A020100 0.0000 073 B000100 0.3500 073 C000100 0.0000 074 A000100 3742 074 B000100 0 074 C000100 310655 074 D000100 0 074 E000100 0 074 F000100 4630112 074 G000100 0 074 H000100 0 074 I000100 0 074 J000100 7689 074 K000100 0 074 L000100 27837 074 M000100 774 074 N000100 4980809 074 O000100 7619 074 P000100 1180 074 Q000100 0 074 R010100 0 074 R020100 0 074 R030100 0 074 R040100 8646 074 S000100 0 074 T000100 4963364 074 U010100 235941 074 U020100 41959 074 V010100 0.00 PAGE 10 074 V020100 0.00 074 W000100 0.0000 074 X000100 107571 074 Y000100 0 075 A000100 0 075 B000100 4282559 076 000100 0.00 028 A010200 28921 028 A020200 0 028 A030200 0 028 A040200 8516 028 B010200 16361 028 B020200 0 028 B030200 0 028 B040200 13633 028 C010200 9188 028 C020200 0 028 C030200 0 028 C040200 20253 028 D010200 12425 028 D020200 0 028 D030200 0 028 D040200 6389 028 E010200 12519 028 E020200 0 028 E030200 0 028 E040200 6019 028 F010200 12763 028 F020200 3403 028 F030200 0 028 F040200 9813 028 G010200 92177 028 G020200 3403 028 G030200 0 028 G040200 64623 028 H000200 22833 029 000200 Y 030 A000200 477 030 B000200 5.75 030 C000200 0.00 031 A000200 27 031 B000200 0 032 000200 450 033 000200 0 034 000200 Y 035 000200 35 036 A000200 N 036 B000200 0 037 000200 N 038 000200 0 039 000200 N PAGE 11 040 000200 Y 041 000200 Y 042 A000200 0 042 B000200 0 042 C000200 100 042 D000200 0 042 E000200 0 042 F000200 0 042 G000200 0 042 H000200 0 043 000200 183 044 000200 0 045 000200 Y 046 000200 N 047 000200 Y 048 000200 0.000 048 A010200 200000 048 A020200 0.950 048 B010200 0 048 B020200 0.000 048 C010200 0 048 C020200 0.000 048 D010200 0 048 D020200 0.000 048 E010200 0 048 E020200 0.000 048 F010200 0 048 F020200 0.000 048 G010200 0 048 G020200 0.000 048 H010200 0 048 H020200 0.000 048 I010200 0 048 I020200 0.000 048 J010200 0 048 J020200 0.000 048 K010200 200000 048 K020200 0.900 049 000200 N 050 000200 N 051 000200 N 052 000200 N 053 A000200 N 054 A000200 Y 054 B000200 N 054 C000200 Y 054 D000200 N 054 E000200 N 054 F000200 N 054 G000200 N 054 H000200 Y PAGE 12 054 I000200 N 054 J000200 Y 054 K000200 N 054 L000200 N 054 M000200 Y 054 N000200 Y 054 O000200 N 055 A000200 N 055 B000200 N 056 000200 Y 057 000200 N 058 A000200 N 059 000200 Y 060 A000200 Y 060 B000200 Y 061 000200 0 062 A000200 N 062 B000200 0.0 062 C000200 0.0 062 D000200 0.0 062 E000200 0.0 062 F000200 0.0 062 G000200 0.0 062 H000200 0.0 062 I000200 0.0 062 J000200 0.0 062 K000200 0.0 062 L000200 0.0 062 M000200 0.0 062 N000200 0.0 062 O000200 0.0 062 P000200 0.0 062 Q000200 0.0 062 R000200 0.0 063 A000200 0 063 B000200 0.0 066 A000200 Y 066 B000200 N 066 C000200 Y 066 D000200 N 066 E000200 N 066 F000200 N 066 G000200 N 067 000200 N 068 A000200 N 068 B000200 N 069 000200 N 070 A010200 Y 070 A020200 Y 070 B010200 Y 070 B020200 N PAGE 13 070 C010200 Y 070 C020200 N 070 D010200 Y 070 D020200 N 070 E010200 Y 070 E020200 N 070 F010200 Y 070 F020200 N 070 G010200 Y 070 G020200 N 070 H010200 Y 070 H020200 N 070 I010200 Y 070 I020200 N 070 J010200 Y 070 J020200 N 070 K010200 Y 070 K020200 N 070 L010200 Y 070 L020200 N 070 M010200 Y 070 M020200 N 070 N010200 Y 070 N020200 N 070 O010200 Y 070 O020200 N 070 P010200 Y 070 P020200 N 070 Q010200 Y 070 Q020200 N 070 R010200 Y 070 R020200 N 071 A000200 78376 071 B000200 56362 071 C000200 237081 071 D000200 24 072 A000200 12 072 B000200 591 072 C000200 1220 072 D000200 0 072 E000200 0 072 F000200 2382 072 G000200 127 072 H000200 0 072 I000200 240 072 J000200 22 072 K000200 0 072 L000200 79 072 M000200 29 072 N000200 91 072 O000200 0 PAGE 14 072 P000200 0 072 Q000200 0 072 R000200 32 072 S000200 18 072 T000200 183 072 U000200 0 072 V000200 0 072 W000200 18 072 X000200 3221 072 Y000200 1 072 Z000200 -1409 072AA000200 7406 072BB000200 0 072CC010200 31876 072CC020200 0 072DD010200 0 072DD020200 0 072EE000200 3598 073 A010200 0.0000 073 A020200 0.0000 073 B000200 0.2400 073 C000200 0.0000 074 A000200 1 074 B000200 0 074 C000200 20231 074 D000200 0 074 E000200 0 074 F000200 269279 074 G000200 0 074 H000200 0 074 I000200 0 074 J000200 0 074 K000200 0 074 L000200 1793 074 M000200 55 074 N000200 291359 074 O000200 0 074 P000200 81 074 Q000200 0 074 R010200 0 074 R020200 0 074 R030200 0 074 R040200 568 074 S000200 0 074 T000200 290710 074 U010200 13096 074 U020200 3512 074 V010200 0.00 074 V020200 0.00 074 W000200 0.0000 074 X000200 11210 PAGE 15 074 Y000200 0 075 A000200 0 075 B000200 253553 076 000200 0.00 028 A010300 2728 028 A020300 0 028 A030300 0 028 A040300 1346 028 B010300 2299 028 B020300 0 028 B030300 0 028 B040300 1664 028 C010300 1422 028 C020300 0 028 C030300 0 028 C040300 3263 028 D010300 1799 028 D020300 0 028 D030300 0 028 D040300 1429 028 E010300 2445 028 E020300 0 028 E030300 0 028 E040300 1109 028 F010300 6160 028 F020300 176 028 F030300 0 028 F040300 1071 028 G010300 16853 028 G020300 176 028 G030300 0 028 G040300 9882 028 H000300 2939 029 000300 Y 030 A000300 207 030 B000300 5.75 030 C000300 0.00 031 A000300 7 031 B000300 0 032 000300 200 033 000300 0 034 000300 Y 035 000300 37 036 A000300 N 036 B000300 0 037 000300 N 038 000300 0 039 000300 N 040 000300 Y 041 000300 Y 042 A000300 0 PAGE 16 042 B000300 0 042 C000300 100 042 D000300 0 042 E000300 0 042 F000300 0 042 G000300 0 042 H000300 0 043 000300 135 044 000300 0 045 000300 Y 046 000300 N 047 000300 Y 048 000300 0.900 048 A010300 0 048 A020300 0.000 048 B010300 0 048 B020300 0.000 048 C010300 0 048 C020300 0.000 048 D010300 0 048 D020300 0.000 048 E010300 0 048 E020300 0.000 048 F010300 0 048 F020300 0.000 048 G010300 0 048 G020300 0.000 048 H010300 0 048 H020300 0.000 048 I010300 0 048 I020300 0.000 048 J010300 0 048 J020300 0.000 048 K010300 0 048 K020300 0.000 049 000300 N 050 000300 N 051 000300 N 052 000300 N 053 A000300 Y 053 B000300 Y 053 C000300 N 054 A000300 Y 054 B000300 N 054 C000300 Y 054 D000300 N 054 E000300 N 054 F000300 N 054 G000300 N 054 H000300 Y 054 I000300 N PAGE 17 054 J000300 Y 054 K000300 N 054 L000300 N 054 M000300 Y 054 N000300 Y 054 O000300 N 055 A000300 N 055 B000300 N 056 000300 Y 057 000300 N 058 A000300 N 059 000300 Y 060 A000300 Y 060 B000300 Y 061 000300 0 062 A000300 N 062 B000300 0.0 062 C000300 0.0 062 D000300 0.0 062 E000300 0.0 062 F000300 0.0 062 G000300 0.0 062 H000300 0.0 062 I000300 0.0 062 J000300 0.0 062 K000300 0.0 062 L000300 0.0 062 M000300 0.0 062 N000300 0.0 062 O000300 0.0 062 P000300 0.0 062 Q000300 0.0 062 R000300 0.0 063 A000300 0 063 B000300 0.0 066 A000300 Y 066 B000300 N 066 C000300 N 066 D000300 Y 066 E000300 N 066 F000300 N 066 G000300 N 067 000300 N 068 A000300 N 068 B000300 N 069 000300 N 070 A010300 Y 070 A020300 Y 070 B010300 Y 070 B020300 N 070 C010300 Y PAGE 18 070 C020300 N 070 D010300 Y 070 D020300 N 070 E010300 Y 070 E020300 N 070 F010300 Y 070 F020300 N 070 G010300 Y 070 G020300 N 070 H010300 Y 070 H020300 N 070 I010300 Y 070 I020300 N 070 J010300 Y 070 J020300 N 070 K010300 Y 070 K020300 N 070 L010300 Y 070 L020300 N 070 M010300 Y 070 M020300 N 070 N010300 Y 070 N020300 N 070 O010300 Y 070 O020300 N 070 P010300 Y 070 P020300 N 070 Q010300 Y 070 Q020300 N 070 R010300 Y 070 R020300 N 071 A000300 77991 071 B000300 62715 071 C000300 76786 071 D000300 82 072 A000300 12 072 B000300 279 072 C000300 481 072 D000300 0 072 E000300 0 072 F000300 748 072 G000300 42 072 H000300 0 072 I000300 166 072 J000300 8 072 K000300 0 072 L000300 61 072 M000300 3 072 N000300 98 072 O000300 0 072 P000300 0 PAGE 19 072 Q000300 0 072 R000300 26 072 S000300 9 072 T000300 135 072 U000300 0 072 V000300 13 072 W000300 0 072 X000300 1309 072 Y000300 53 072 Z000300 -496 072AA000300 823 072BB000300 0 072CC010300 6110 072CC020300 0 072DD010300 0 072DD020300 0 072EE000300 188 073 A010300 0.0000 073 A020300 0.0000 073 B000300 0.0300 073 C000300 0.0000 074 A000300 0 074 B000300 0 074 C000300 6712 074 D000300 0 074 E000300 0 074 F000300 92744 074 G000300 0 074 H000300 0 074 I000300 0 074 J000300 0 074 K000300 41 074 L000300 1295 074 M000300 48 074 N000300 100840 074 O000300 712 074 P000300 12 074 Q000300 0 074 R010300 0 074 R020300 0 074 R030300 0 074 R040300 387 074 S000300 0 074 T000300 99729 074 U010300 4566 074 U020300 2001 074 V010300 0.00 074 V020300 0.00 074 W000300 0.0000 074 X000300 6562 074 Y000300 0 PAGE 20 075 A000300 0 075 B000300 83108 076 000300 0.00 028 A010400 124041 028 A020400 0 028 A030400 0 028 A040400 152050 028 B010400 80586 028 B020400 0 028 B030400 0 028 B040400 127285 028 C010400 43744 028 C020400 0 028 C030400 0 028 C040400 61001 028 D010400 92059 028 D020400 0 028 D030400 0 028 D040400 119610 028 E010400 125912 028 E020400 0 028 E030400 0 028 E040400 134740 028 F010400 90964 028 F020400 9 028 F030400 0 028 F040400 185953 028 G010400 557306 028 G020400 9 028 G030400 0 028 G040400 780639 028 H000400 153412 029 000400 Y 030 A000400 298 030 B000400 5.75 030 C000400 0.00 031 A000400 15 031 B000400 0 032 000400 283 033 000400 0 034 000400 Y 035 000400 58 036 A000400 N 036 B000400 0 037 000400 N 038 000400 0 039 000400 N 040 000400 Y 041 000400 Y 042 A000400 0 042 B000400 0 PAGE 21 042 C000400 100 042 D000400 0 042 E000400 0 042 F000400 0 042 G000400 0 042 H000400 0 043 000400 320 044 000400 0 045 000400 Y 046 000400 N 047 000400 Y 048 000400 0.000 048 A010400 100000 048 A020400 1.200 048 B010400 400000 048 B020400 0.950 048 C010400 0 048 C020400 0.000 048 D010400 0 048 D020400 0.000 048 E010400 0 048 E020400 0.000 048 F010400 0 048 F020400 0.000 048 G010400 0 048 G020400 0.000 048 H010400 0 048 H020400 0.000 048 I010400 0 048 I020400 0.000 048 J010400 0 048 J020400 0.000 048 K010400 500000 048 K020400 0.750 049 000400 N 050 000400 N 051 000400 N 052 000400 N 053 A000400 N 054 A000400 Y 054 B000400 N 054 C000400 Y 054 D000400 N 054 E000400 N 054 F000400 N 054 G000400 N 054 H000400 Y 054 I000400 N 054 J000400 Y 054 K000400 N 054 L000400 N PAGE 22 054 M000400 Y 054 N000400 Y 054 O000400 N 055 A000400 N 055 B000400 N 056 000400 Y 057 000400 N 058 A000400 N 059 000400 Y 060 A000400 Y 060 B000400 Y 061 000400 0 062 A000400 N 062 B000400 0.0 062 C000400 0.0 062 D000400 0.0 062 E000400 0.0 062 F000400 0.0 062 G000400 0.0 062 H000400 0.0 062 I000400 0.0 062 J000400 0.0 062 K000400 0.0 062 L000400 0.0 062 M000400 0.0 062 N000400 0.0 062 O000400 0.0 062 P000400 0.0 062 Q000400 0.0 062 R000400 0.0 063 A000400 0 063 B000400 0.0 066 A000400 Y 066 B000400 N 066 C000400 N 066 D000400 Y 066 E000400 N 066 F000400 N 066 G000400 N 067 000400 N 068 A000400 N 068 B000400 N 069 000400 N 070 A010400 Y 070 A020400 Y 070 B010400 Y 070 B020400 N 070 C010400 Y 070 C020400 N 070 D010400 Y 070 D020400 N PAGE 23 070 E010400 Y 070 E020400 N 070 F010400 Y 070 F020400 N 070 G010400 Y 070 G020400 N 070 H010400 Y 070 H020400 N 070 I010400 Y 070 I020400 N 070 J010400 Y 070 J020400 N 070 K010400 Y 070 K020400 N 070 L010400 Y 070 L020400 Y 070 M010400 Y 070 M020400 Y 070 N010400 Y 070 N020400 N 070 O010400 Y 070 O020400 N 070 P010400 Y 070 P020400 N 070 Q010400 Y 070 Q020400 N 070 R010400 Y 070 R020400 N 071 A000400 794599 071 B000400 871232 071 C000400 1771018 071 D000400 45 072 A000400 12 072 B000400 11394 072 C000400 22678 072 D000400 0 072 E000400 0 072 F000400 16504 072 G000400 1017 072 H000400 0 072 I000400 1501 072 J000400 1580 072 K000400 0 072 L000400 284 072 M000400 177 072 N000400 113 072 O000400 0 072 P000400 0 072 Q000400 0 072 R000400 75 072 S000400 84 PAGE 24 072 T000400 320 072 U000400 0 072 V000400 0 072 W000400 386 072 X000400 22041 072 Y000400 12 072 Z000400 12043 072AA000400 0 072BB000400 140634 072CC010400 0 072CC020400 375330 072DD010400 0 072DD020400 0 072EE000400 39130 073 A010400 0.0000 073 A020400 0.0000 073 B000400 0.3900 073 C000400 0.0000 074 A000400 17157 074 B000400 0 074 C000400 79277 074 D000400 0 074 E000400 0 074 F000400 1592295 074 G000400 0 074 H000400 0 074 I000400 0 074 J000400 608 074 K000400 0 074 L000400 7313 074 M000400 421 074 N000400 1697071 074 O000400 5309 074 P000400 8480 074 Q000400 0 074 R010400 0 074 R020400 0 074 R030400 0 074 R040400 12846 074 S000400 0 074 T000400 1670436 074 U010400 87323 074 U020400 3127 074 V010400 0.00 074 V020400 0.00 074 W000400 0.0000 074 X000400 55166 074 Y000400 0 075 A000400 0 075 B000400 2033910 076 000400 0.00 PAGE 25 028 A010500 15233 028 A020500 0 028 A030500 0 028 A040500 19377 028 B010500 12379 028 B020500 0 028 B030500 0 028 B040500 21948 028 C010500 4186 028 C020500 0 028 C030500 0 028 C040500 6071 028 D010500 14016 028 D020500 0 028 D030500 0 028 D040500 16212 028 E010500 15194 028 E020500 0 028 E030500 0 028 E040500 18395 028 F010500 13574 028 F020500 0 028 F030500 0 028 F040500 23885 028 G010500 74582 028 G020500 0 028 G030500 0 028 G040500 105888 028 H000500 37255 029 000500 Y 030 A000500 53 030 B000500 5.75 030 C000500 0.00 031 A000500 1 031 B000500 0 032 000500 52 033 000500 0 034 000500 Y 035 000500 9 036 A000500 N 036 B000500 0 037 000500 N 038 000500 0 039 000500 N 040 000500 Y 041 000500 Y 042 A000500 0 042 B000500 0 042 C000500 100 042 D000500 0 042 E000500 0 PAGE 26 042 F000500 0 042 G000500 0 042 H000500 0 043 000500 80 044 000500 0 045 000500 Y 046 000500 N 047 000500 Y 048 000500 0.950 048 A010500 0 048 A020500 0.000 048 B010500 0 048 B020500 0.000 048 C010500 0 048 C020500 0.000 048 D010500 0 048 D020500 0.000 048 E010500 0 048 E020500 0.000 048 F010500 0 048 F020500 0.000 048 G010500 0 048 G020500 0.000 048 H010500 0 048 H020500 0.000 048 I010500 0 048 I020500 0.000 048 J010500 0 048 J020500 0.000 048 K010500 0 048 K020500 0.000 049 000500 N 050 000500 N 051 000500 N 052 000500 N 053 A000500 Y 053 B000500 Y 053 C000500 N 054 A000500 Y 054 B000500 N 054 C000500 Y 054 D000500 N 054 E000500 N 054 F000500 N 054 G000500 N 054 H000500 Y 054 I000500 N 054 J000500 Y 054 K000500 N 054 L000500 N 054 M000500 Y PAGE 27 054 N000500 Y 054 O000500 N 055 A000500 N 055 B000500 N 056 000500 Y 057 000500 N 058 A000500 N 059 000500 Y 060 A000500 Y 060 B000500 Y 061 000500 0 062 A000500 N 062 B000500 0.0 062 C000500 0.0 062 D000500 0.0 062 E000500 0.0 062 F000500 0.0 062 G000500 0.0 062 H000500 0.0 062 I000500 0.0 062 J000500 0.0 062 K000500 0.0 062 L000500 0.0 062 M000500 0.0 062 N000500 0.0 062 O000500 0.0 062 P000500 0.0 062 Q000500 0.0 062 R000500 0.0 063 A000500 0 063 B000500 0.0 066 A000500 Y 066 B000500 N 066 C000500 N 066 D000500 Y 066 E000500 N 066 F000500 N 066 G000500 N 067 000500 N 068 A000500 N 068 B000500 Y 069 000500 N 070 A010500 Y 070 A020500 N 070 B010500 Y 070 B020500 N 070 C010500 Y 070 C020500 N 070 D010500 Y 070 D020500 N 070 E010500 Y PAGE 28 070 E020500 N 070 F010500 Y 070 F020500 N 070 G010500 Y 070 G020500 N 070 H010500 Y 070 H020500 N 070 I010500 Y 070 I020500 N 070 J010500 Y 070 J020500 N 070 K010500 Y 070 K020500 N 070 L010500 Y 070 L020500 Y 070 M010500 Y 070 M020500 Y 070 N010500 Y 070 N020500 N 070 O010500 Y 070 O020500 N 070 P010500 N 070 P020500 N 070 Q010500 Y 070 Q020500 N 070 R010500 Y 070 R020500 N 071 A000500 71173 071 B000500 118482 071 C000500 86599 071 D000500 82 072 A000500 12 072 B000500 243 072 C000500 802 072 D000500 0 072 E000500 0 072 F000500 877 072 G000500 46 072 H000500 0 072 I000500 128 072 J000500 85 072 K000500 0 072 L000500 60 072 M000500 4 072 N000500 109 072 O000500 0 072 P000500 0 072 Q000500 0 072 R000500 32 072 S000500 8 072 T000500 80 PAGE 29 072 U000500 0 072 V000500 0 072 W000500 28 072 X000500 1457 072 Y000500 38 072 Z000500 -374 072AA000500 0 072BB000500 30434 072CC010500 0 072CC020500 9135 072DD010500 66 072DD020500 10 072EE000500 507 073 A010500 0.0000 073 A020500 0.0000 073 B000500 0.0800 073 C000500 0.0000 074 A000500 0 074 B000500 0 074 C000500 0 074 D000500 0 074 E000500 0 074 F000500 45895 074 G000500 0 074 H000500 0 074 I000500 0 074 J000500 3506 074 K000500 0 074 L000500 416 074 M000500 0 074 N000500 49817 074 O000500 1741 074 P000500 708 074 Q000500 0 074 R010500 0 074 R020500 0 074 R030500 0 074 R040500 1563 074 S000500 0 074 T000500 45805 074 U010500 3060 074 U020500 735 074 V010500 0.00 074 V020500 0.00 074 W000500 0.0000 074 X000500 4040 074 Y000500 0 075 A000500 0 075 B000500 92341 076 000500 0.00 PAGE 30 SIGNATURE DOUGLAS RODES TITLE VICE PRESIDENT EX-99 3 exhibits.txt 77B Internal Control Letter Report of Independent Auditors To the Shareholders and Board of Trustees of Liberty Acorn Trust In planning and performing our audit of the financial statements of Liberty Acorn Fund, Liberty Acorn International, Liberty Acorn USA, Liberty Acorn Twenty and Liberty Acorn Foreign Forty portfolios, comprising the Liberty Acorn Trust, for the year ended December 31, 2001, we considered its internal control, including control activities for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, not to provide assurance on internal control. The management of Liberty Acorn Trust is responsible for establishing and maintaining internal control. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. Generally, controls that are relevant to an audit pertain to the entity's objective of preparing financial statements for external purposes that are fairly presented in conformity with accounting principles generally accepted in the United States. Those controls include the safeguarding of assets against unauthorized acquisition, use, or disposition. Because of inherent limitations in internal control, error or fraud may occur and not be detected. Also, projection of any evaluation of internal control to future periods is subject to the risk that it may become inadequate because of changes in conditions or that the effectiveness of the design and operation may deteriorate. Our consideration of internal control would not necessarily disclose all matters in internal control that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving internal control and its operation, including controls for safeguarding securities, that we consider to be material weaknesses as defined above as of December 31, 2001. This report is intended solely for the information and use of management and the Board of Trustees of Liberty Acorn Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. /s/ Ernst & Young LLP Chicago, Illinois February 8, 2002 77C Matters submitted to a vote of security holders Liberty Acorn Trust SPECIAL NOTICE At a special meeting held on October 24, 2001, shareholders of each of the Funds voted to approve an investment advisory agreement between the Trust and Liberty Wanger Asset Management, L.P. (WAM). The record date share position of each Fund and the total share position voted of each Fund were respectively: Liberty Acorn Fund 257,154,592.868 and 177,213,483.177; Liberty Acorn International 99,332,984.985 and 65,031,604.813; Liberty Acorn USA 16,082,590.448 and 8,832,581.890; Liberty Acorn Twenty 6,261,947.183 and 4,209,847.189; Liberty Acorn Foreign Forty 5,256,028.813 and 3,733,482.950. The outcome of the votes were as follows: Approval of Investment Advisory Agreement. FOR AGAINST ABSTAIN Liberty Acorn Fund 168,252,001.736 5,596,029.337 3,365,452.104 Liberty Acorn International 61,754,289.201 2,158,972.223 1,118,343.389 Liberty Acorn USA 8,524,546.546 200,383.680 107,651.664 Liberty Acorn Twenty 4,026,722.802 136,197.223 46,927.164 Liberty Acorn Foreign Forty 3,581,915.152 121,372.940 30,194.858 77Q-1 Exhibits INVESTMENT ADVISORY AGREEMENT Liberty Acorn Trust, a Massachusetts business trust registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end diversified management investment company ("Liberty Acorn"), and Liberty Wanger Asset Management, L.P., a Delaware limited partnership registered under the Investment Advisers Act of 1940 as an investment adviser ("Liberty WAM"), agree that: 1. Engagement of Liberty WAM. Liberty Acorn appoints Liberty WAM to furnish investment advisory and other services to Liberty Acorn for its series designated Liberty Acorn Fund, Liberty Acorn International, Liberty Acorn USA, Liberty Acorn Twenty and Liberty Acorn Foreign Forty (each, a "Fund," and collectively, the "Funds")), and Liberty WAM accepts that appointment, for the period and on the terms set forth in this agreement. If Liberty Acorn establishes one or more series in addition to the Funds named above with respect to which it desires to retain Liberty WAM as investment adviser hereunder, and if Liberty WAM is willing to provide such services under this agreement, Liberty Acorn and Liberty WAM may add such new series to this agreement, by written supplement to this agreement. Such supplement shall include a schedule of compensation to be paid to Liberty WAM by Liberty Acorn with respect to such series and such other modifications of the terms of this agreement with respect to such series as Liberty Acorn and Liberty WAM may agree. Upon execution of such a supplement by Liberty Acorn and Liberty WAM, that series will become a Fund hereunder and shall be subject to the provisions of this agreement to the same extent as the Funds named above, except as modified by the supplement. 2. Services of Liberty WAM. (a) Investment Management. Subject to the overall supervision and control of Liberty Acorn's board of trustees (the "Board"), Liberty WAM shall have supervisory responsibility for the general management and investment of the Funds' assets. Liberty WAM shall comply with the 1940 Act and with all applicable rules and regulations of the Securities and Exchange Commission, the provisions of the Internal Revenue Code applicable to the Funds as regulated investment companies, the investment policies and restrictions, portfolio transaction policies and the other statements concerning the Funds in Liberty Acorn's agreement and declaration of trust, bylaws, and registration statements under the 1940 Act and the Securities Act of 1933 (the "1933 Act"), and policy decisions and procedures adopted by the Board from time to time. Liberty WAM is authorized to make the decisions to buy and sell securities and other assets for the Funds, to place the Funds' portfolio transactions with broker-dealers, and to negotiate the terms of such transactions including brokerage commissions on brokerage transactions, on behalf of the Funds. Liberty WAM is authorized to exercise discretion within the Funds' policy concerning allocation of its portfolio brokerage, as permitted by law, including but not limited to section 28(e) of the Securities Exchange Act of 1934, and in so doing shall not be required to make any reduction in its investment advisory fees. Liberty Acorn hereby authorizes any entity or person associated with Liberty WAM that is a member of a national securities exchange to effect any transaction on the exchange for the account of a Fund to the extent permitted by and in accordance with Section 11(a) of the Securities Exchange Act of 1934 and Rule 11a2-2(T) thereunder. Liberty Acorn hereby consents to the retention by such entity or person of compensation for such transactions in accordance with Rule 11a-2(T)(a)(iv). Liberty WAM may, where it deems it to be advisable, aggregate orders with other securities of the same type to be sold or purchased by one or more Funds with like orders on behalf of other clients of Liberty WAM (as well as clients of other investment advisers affiliated with Liberty WAM, in the event that Liberty WAM and such affiliated investment advisers share common trading facilities). In such event, Liberty WAM (or Liberty WAM and its affiliated advisers, as the case may be) will allocate the shares so sold or purchased, as well as the expenses incurred in the transaction, in a manner it (or it and they) consider to be equitable and fair and consistent with its (or its or their) fiduciary obligations to clients. (b) Reports and Information. Liberty WAM shall furnish to the Board periodic reports on the investment strategy and performance of the Funds and such additional reports and information as the Board or the officers of Liberty Acorn may reasonably request. Liberty Acorn shall furnish or otherwise make available to Liberty WAM such copies of financial statements, proxy statements, reports, and other information relating to the business and affairs of each Fund as Liberty WAM may, at any time or from time to time, reasonably require in order to discharge its obligations under this agreement. (c) Customers of Financial Institutions. It is understood that Liberty WAM may, but shall not be obligated to, make payments from its own resources to financial institutions (which may include banks, broker-dealers, recordkeepers, administrators and others) that provide, either directly or through agents, administrative and other services with respect to shareholders who are customers of such institutions, including establishing shareholder accounts, assisting Liberty Acorn's transfer agent with respect to recording purchase and redemption transactions, advising shareholders about the status of their accounts, current yield and dividends declared and such related services as the shareholders or the Funds may request. (d) Books and Records. In compliance with the requirements of Rule 31a-3 under the 1940 Act, Liberty WAM agrees to maintain records relating to its services under this agreement, and further agrees that all records that it maintains for Liberty Acorn are the property of Liberty Acorn and to surrender promptly to Liberty Acorn any of such records upon Liberty Acorn's request; provided that Liberty WAM may at its own expense make and retain copies of any such records. Liberty WAM further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by Rule 31a-1 under the 1940 Act. (e) Status of Liberty WAM. Liberty WAM shall for all purposes herein be deemed to be an independent contractor and not an agent of Liberty Acorn and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent Liberty Acorn in any way. Liberty WAM agrees to notify the Trust promptly of any change in the identity of Liberty WAM's general partner. 3. Administrative Services. Liberty WAM shall supervise the business and affairs of Liberty Acorn and each Fund and shall provide such services and facilities as may be required for effective administration of Liberty Acorn and the Funds as are not provided by employees or other agents engaged by Liberty Acorn; provided that Liberty WAM shall not have any obligation to provide under this agreement any such services which are the subject of a separate agreement or arrangement between Liberty Acorn and Liberty WAM, any affiliate of Liberty WAM, or any third party administrator. 4. Use of Affiliated Companies and Subcontractors. In connection with the services to be provided by Liberty WAM under this agreement, Liberty WAM may, to the extent it deems appropriate, and subject to compliance with the requirements of applicable laws and regulations and upon receipt of approval of the Trustees, make use of (i) its affiliated companies and their directors, trustees, officers, and employees and (ii) subcontractors selected by Liberty WAM, provided that Liberty WAM shall supervise and remain fully responsible for the services of all such third parties in accordance with and to the extent provided by this agreement. All costs and expenses associated with services provided by any such third parties shall be borne by Liberty WAM or such parties. 5. Expenses to be Paid by Liberty Acorn. Except as otherwise provided in this agreement or any other contract to which Liberty Acorn is a party, Liberty Acorn shall pay all expenses incidental to its organization, operations and business, including, without limitation: (a) all charges of depositories, custodians, sub-custodians and other agencies for the safekeeping and servicing of its cash, securities and other property and of its transfer agents and registrars and its dividend disbursing and redemption agents, if any; (b) all charges of its administrator, if any; (c) all charges of legal counsel and of independent auditors; (d) all compensation of trustees other than those affiliated with Liberty WAM or Liberty Acorn's administrator, if any, and all expenses incurred in connection with their services to Liberty Acorn; (e) all expenses of preparing, printing and distributing notices, proxy solicitation materials and reports to shareholders of the Funds; (f) all expenses of meetings of shareholders of the Funds; (g) all expenses of registering and maintaining the registration of Liberty Acorn under the 1940 Act and of shares of the Funds under the 1933 Act, including all expenses of preparation, filing and printing of annual or more frequent revisions of the Funds' registration statements under the 1940 Act and 1933 Act, and of supplying each then existing shareholder or beneficial owner of shares of the Funds of a copy of each revised prospectus or supplement thereto, and of supplying a copy of the statement of additional information upon request to any then existing shareholder; (h) all costs of borrowing money; (i) all expenses of publication of notices and reports to shareholders and to governmental bodies or regulatory agencies; (j) all taxes and fees payable to federal, state or other governmental agencies, domestic or foreign, and all stamp or other taxes; (k) all expenses of printing and mailing certificates for shares of a Fund; (l) all expenses of bond and insurance coverage required by law or deemed advisable by the Board; (m) all expenses of qualifying and maintaining qualification of, or providing appropriate notification of intention to sell relating to, shares of the Funds under the securities laws of the various states and other jurisdictions, and of registration and qualification of Liberty Acorn under any other laws applicable to Liberty Acorn or its business activities; (n) all fees, dues and other expenses related to membership of Liberty Acorn in any trade association or other investment company organization; and (o) any extraordinary expenses. In addition to the payment of expenses, Liberty Acorn shall also pay all brokers' commissions and other charges relating to the purchase and sale of portfolio securities for each Fund. 6. Allocation of Expenses Paid by Liberty Acorn. Any expenses paid by Liberty Acorn that are attributable solely to the organization, operation or business of a Fund or Funds shall be paid solely out of the assets of that Fund or Funds. Any expense paid by Liberty Acorn that is not solely attributable to a Fund or Funds, nor solely to any other series of Liberty Acorn, shall be apportioned in such manner as Liberty Acorn or Liberty Acorn's administrator determines is fair and appropriate, or as otherwise specified by the Board. 7. Expenses to be Paid by Liberty WAM. Liberty WAM shall furnish to Liberty Acorn, at Liberty WAM's own expense, office space and all necessary office facilities, equipment and personnel required to provide its services pursuant to this agreement. Liberty WAM shall also assume and pay all expenses of placement of securities orders and related bookkeeping. 8. Compensation of Liberty WAM. For the services to be rendered and the expenses to be assumed and to be paid by Liberty WAM under this agreement, Liberty Acorn on behalf of the respective Funds shall pay to Liberty WAM fees accrued daily and paid monthly at the annual rates (as a percentage of the Fund's net assets) shown below: Liberty Acorn Fund Assets Rate of Fee First $700 million 0.75% $700 million to $2 billion 0.70% In excess of $2 billion 0.65% Liberty Acorn International Assets Rate of Fee First $100 million 1.20% $100 million to $500 million 0.95% In excess of $500 million 0.75% Liberty Acorn USA Assets Rate of Fee First $200 million 0.95% In excess of $200 million 0.90% Liberty Acorn Twenty All Assets 0.90% Liberty Acorn Foreign Forty All Assets 0.95% The fees attributable to each Fund shall be a separate charge to such Fund and shall be the several (and not joint or joint and several) obligation of each such Fund. 9. Services of Liberty WAM Not Exclusive. The services of Liberty WAM to Liberty Acorn under this agreement are not exclusive, and Liberty WAM shall be free to render similar services to others so long as its services under this agreement are not impaired by such other activities. 10. Services Other Than as Adviser. Within the limits permitted by law, Liberty WAM or an affiliate of Liberty WAM may receive compensation from Liberty Acorn for other services performed by it for Liberty Acorn which are not within the scope of the duties of Liberty WAM under this agreement, including the provision of brokerage services. 11. Standard of Care. To the extent permitted by applicable law, neither Liberty WAM nor any of its partners, officers, agents, employees or affiliates shall be liable to Liberty Acorn or its shareholders for any loss suffered by Liberty Acorn or its shareholders as a result of any error of judgment, or any loss arising out of any investment, or as a consequence of any other act or omission of Liberty WAM or any of its affiliates in the performance of Liberty WAM's duties under this agreement, except for liability resulting from willful misfeasance, bad faith or gross negligence on the part of Liberty WAM or such affiliate, or by reason of reckless disregard by Liberty WAM or such affiliate of the obligations and duties of Liberty WAM under this agreement. 12. Effective Date, Duration and Renewal. This agreement shall become effective on November 1, 2001. Unless terminated as provided in Section 13, this agreement shall continue in effect as to a Fund until July 31, 2003 and thereafter from year to year only so long as such continuance is specifically approved at least annually (a) by a majority of those trustees who are not interested persons of Liberty Acorn or of Liberty WAM, voting in person at a meeting called for the purpose of voting on such approval, and (b) by either the Board or vote of the holders of a "majority of the outstanding shares" of that Fund (which term as used throughout this agreement shall be construed in accordance with the definition of "vote of a majority of the outstanding voting securities of a company" in section 2(a)(42) of the 1940 Act). 13. Termination. This agreement may be terminated as to a Fund at any time, without payment of any penalty, by the Board, or by a vote of the holders of a majority of the outstanding shares of that Fund, upon 60 days' written notice to Liberty WAM. This agreement may be terminated by Liberty WAM at any time upon 60 days' written notice to Liberty Acorn. This agreement shall terminate automatically in the event of its assignment (as defined in Section 2(a)(4) of the 1940 Act). 14. Amendment. This agreement may be amended in accordance with the 1940 Act. 15. Non-Liability of Trustees and Shareholders. A copy of the declaration of trust of Liberty Acorn is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of Liberty Acorn by its officers as officers and not individually. All obligations of Liberty Acorn hereunder shall be binding only upon the assets of Liberty Acorn (or the appropriate Fund) and shall not be binding upon any trustee, officer, employee, agent or shareholder of Liberty Acorn. Neither the authorization of any action by the trustees or shareholders of Liberty Acorn nor the execution of this agreement on behalf of Liberty Acorn shall impose any liability upon any trustee, officer or shareholder of Liberty Acorn. 16. Use of Manager's Name. Liberty Acorn may use the name "Liberty" or any other name derived from the name "Liberty" only for so long as this agreement or any extension, renewal or amendment hereof remains in effect, including any similar agreement with any organization that shall remain affiliated with Liberty Financial Companies, Inc. and shall have succeeded to the business of Liberty WAM as investment adviser. At such time as this agreement or any extension, renewal or amendment hereof, or such other similar agreement shall no longer be in effect, Liberty Acorn will (by amendment of its agreement and declaration of trust if necessary) cease to use any name derived from the name "Liberty" or otherwise connected with Liberty WAM, or with any organization that shall have succeeded to Liberty WAM's business as investment adviser. 17. Notices. Any notice, demand, change of address or other communication to be given in connection with this agreement shall be given in writing and shall be given by personal delivery, by registered or certified mail or by transmittal by facsimile or other electronic medium addressed to the recipient as follows (or at such other address or addresses as a party may provide to the other from time to time, by notice): If to Liberty WAM: Liberty Wanger Asset Management, L.P. Attention: Bruce H. Lauer 227 West Monroe Street, Suite 3000 Chicago, Illinois 60606 Telephone: 312 634-9200 Facsimile: 312 634-0016 with a copy to: If to Liberty Acorn: Liberty Acorn Trust 227 West Monroe Street, Suite 3000 Chicago, Illinois 60606 Telephone: 312 634-9200 Facsimile: 312 634-1919 with a copy to: Bell, Boyd & Lloyd LLC Attention: Cameron S. Avery Three First National Plaza, Suite 3300 Chicago, Illinois 60602 Telephone: 312/372-1121 Facsimile: 312/372-2098 All notices shall be conclusively deemed to have been given on the day of actual delivery thereof and, if given by registered or certified mail, on the fifth business day following the deposit thereof in the mail and, if given by facsimile or other electronic medium, on the day of transmittal thereof (upon electronic confirmation of receipt thereof). 18. Governing Law. This agreement shall be construed and interpreted in accordance with the laws of the State of Illinois and the laws of the United States of America applicable to contracts executed and to be performed therein. Dated as of November 1, 2001 LIBERTY ACORN TRUST By: ------------------------------------- Name: Title: LIBERTY WANGER ASSET MANAGEMENT, L.P. By WAM Acquisition GP, Inc. Its General Partner By:________________________________________ S:\Advisory Agreements\Liberty Acorn Trust WAM Advise Agree.doc -----END PRIVACY-ENHANCED MESSAGE-----