497 1 d497.txt SUPPLEMENT DATED AUGUST 31, 2001 Liberty Acorn Trust Supplement dated August 31, 2001 to Prospectus dated May 1, 2001 of Liberty Acorn Fund - Class Z Liberty Acorn International - Class Z Liberty Acorn USA - Class Z Liberty Acorn Twenty - Class Z Liberty Acorn Foreign Forty - Class Z Effective immediately, the section entitled "Portfolio Managers" on pages 33 through 35 of the Funds' Prospectus is revised as follows: . The second paragraph under the heading on page 33 will be deleted. . The sole paragraph on page 35 will be deleted and replaced with the following: Chris Olson Liberty Acorn Foreign Forty, Co-portfolio manager Mr. Olson has managed Liberty Acorn Foreign Forty since September, 2001. He has been a member of the international analytical team at Liberty WAM since January 2001. Mr. Olson also is a co-portfolio manager of two international mutual funds underlying variable insurance products. Prior to joining Liberty WAM, Mr. Olson was most recently a director and portfolio strategy analyst with UBS Asset Management/Brinson Partners. He is a CFA and earned a BA from Middlebury College, a MBA from the University of Pennsylvania's Wharton School of Business and a MA in International Studies from the University of Pennsylvania's School of Arts and Sciences. Todd Narter Liberty Acorn Foreign Forty, Co-portfolio manager Mr. Narter has managed Liberty Acorn Foreign Forty since September, 2001. He has been a member of the international analytical team at Liberty WAM since June 1997. Mr. Narter also is a co-portfolio manager of two international mutual funds underlying variable insurance products. Prior to joining Liberty WAM, Mr. Narter spent seven years working in Japan in the electronics industry, mainly as a product manager for Teradyne. He is a CFA and earned a BS from the University of Texas and a MS from Stanford University. Liberty Acorn Trust Supplement dated August 31, 2001 to Prospectus dated May 1, 2001 of Liberty Acorn Foreign Forty - Class A, B and C Effective immediately, (i) the heading in the Table of Contents entitled "Portfolio Managers/The Investment Team" on the cover page of the Fund's Prospectus is deleted and replaced with "Portfolio Managers" and (ii) the section entitled "Portfolio Managers/The Investment Team" on page 18 of the Funds' Prospectus is revised as follows: Portfolio Managers The co-portfolio managers are responsible for making daily investment decisions. Chris Olson Liberty Acorn Foreign Forty, Co-portfolio manager Mr. Olson has managed Liberty Acorn Foreign Forty since September, 2001. He has been a member of the international analytical team at Liberty WAM since January 2001. Mr. Olson also is a co-portfolio manager of two international mutual funds underlying variable insurance products. Prior to joining Liberty WAM, Mr. Olson was most recently a director and portfolio strategy analyst with UBS Asset Management/Brinson Partners. He is a CFA and earned a BA from Middlebury College, a MBA from the University of Pennsylvania's Wharton School of Business and a MA in International Studies from the University of Pennsylvania's School of Arts and Sciences. Todd Narter Liberty Acorn Foreign Forty, Co-portfolio manager Mr. Narter has managed Liberty Acorn Foreign Forty since September, 2001. He has been a member of the international analytical team at Liberty WAM since June 1997. Mr. Narter also is a co-portfolio manager of two international mutual funds underlying variable insurance products. Prior to joining Liberty WAM, Mr. Narter spent seven years working in Japan in the electronics industry, mainly as a product manager for Teradyne. He is a CFA and earned a BS from the University of Texas and a MS from Stanford University. Liberty Acorn Trust Supplement dated August 31, 2001 to Prospectus dated May 1, 2001 of Liberty Acorn Foreign Forty - Class Z Effective immediately, (i) the heading in the Table of Contents entitled "Portfolio Managers/The Investment Team" on the cover page of the Fund's Prospectus is deleted and replaced with "Portfolio Managers" and (ii) the section entitled "Portfolio Managers/The Investment Team" on page 16 of the Funds' Prospectus is revised as follows: Portfolio Managers The co-portfolio managers are responsible for making daily investment decisions. Chris Olson Liberty Acorn Foreign Forty, Co-portfolio manager Mr. Olson has managed Liberty Acorn Foreign Forty since September, 2001. He has been a member of the international analytical team at Liberty WAM since January 2001. Mr. Olson also is a co-portfolio manager of two international mutual funds underlying variable insurance products. Prior to joining Liberty WAM, Mr. Olson was most recently a director and portfolio strategy analyst with UBS Asset Management/Brinson Partners. He is a CFA and earned a BA from Middlebury College, a MBA from the University of Pennsylvania's Wharton School of Business and a MA in International Studies from the University of Pennsylvania's School of Arts and Sciences. Todd Narter Liberty Acorn Foreign Forty, Co-portfolio manager Mr. Narter has managed Liberty Acorn Foreign Forty since September, 2001. He has been a member of the international analytical team at Liberty WAM since June 1997. Mr. Narter also is a co-portfolio manager of two international mutual funds underlying variable insurance products. Prior to joining Liberty WAM, Mr. Narter spent seven years working in Japan in the electronics industry, mainly as a product manager for Teradyne. He is a CFA and earned a BS from the University of Texas and a MS from Stanford University.