LIBERTY NEWPORT GREATER CHINA FUND

                   Supplement to Prospectus dated May 1, 2001

The caption entitled Portfolio Managers is revised in its entirety as follows:

Portfolio Manager

Christopher  Legallet,  president and chief investment officer of Newport and of
Newport  Pacific,  is manager of the Fund and has managed or co-managed the Fund
since it commenced  operations in May, 1997. He has been affiliated with Newport
since 1997. Prior to his affiliation  with Newport,  Mr. Legallet was a managing
director of Jupiter  Tyndall  (Asia) Ltd. in Hong Kong,  serving as lead manager
for investment in Asia from 1992 to 1997.


                                                                  August 6, 2001