LIBERTY NEWPORT JAPAN
                               OPPORTUNITIES FUND

                            Class A, B, C, J, N and Z
                           Supplement to Prospectuses
                              dated January 1, 2001

Effective August, 2001, Jamie Chui began co-managing the Fund.

All of the Fund's Prospectuses are amended to revise the section MANAGING THE
FUND; Portfolio Manager:

David Smith, senior vice president of Newport Fund Management, Inc. (Newport)
and its immediate parent, Newport Pacific Management, Inc. (Newport Pacific),
is a co-manager of the Fund and has managed or co-managed the Fund since it
commenced operations in June,c1996.  Mr. Smith has managed various other fund
or accounts on behalf of Newport Pacific since October, 1994.

Jamie Chui, vice president of Newport, is a co-manager of the Fund and has
co-managed the Fund since August, 2001, and was an analyst covering Asia Pacific
companies from November, 2000 to July, 2001. Prior to joining Newport, Ms. Chui
was a research investment associate at Putnam Investments from December, 1997 to
November, 2000. Prior to December, 1997, Ms. Chui was a domestic fixed income
research associate with Loomis, Sayles & Company.


734-36/293H-0801                      September 7, 2001