LIBERTY NEWPORT ASIA PACIFIC FUND
                                            LIBERTY NEWPORT EUROPE FUND
                                        LIBERTY NEWPORT GREATER CHINA FUND
                                     LIBERTY NEWPORT JAPAN OPPORTUNITIES FUND
                                            LIBERTY NEWPORT TIGER FUND
                                         LIBERTY INTERNATIONAL EQUITY FUND
                                       LIBERTY EUROPEAN THEMATIC EQUITY FUND
                                        LIBERTY GLOBAL THEMATIC EQUITY FUND
                                   (collectively "Liberty International Funds")
                                                  Class Z Shares

                                          Supplement to the Prospectuses


1. Effective  February 10, 2003, a redemption  fee of 2% of redemption  proceeds
will be imposed on  redemptions  (including  redemptions by exchange) of Class Z
shares of Liberty  International  Funds that were owned for 60 days or less. The
redemption  fee will be deducted from your  redemption  proceeds and retained by
the Fund to help cover the costs of short-term  investments  to the Fund and its
long-term  shareholders.  The  redemption  fee  will  not  apply  to (i)  shares
purchased  through  reinvestment of dividends and  distributions  or (ii) shares
redeemed by exchange into another fund distributed by Liberty Funds Distributor,
Inc. that has a redemption fee. The redemption fee will be applied assuming that
shares held the longest are redeemed first.  Shares  purchased prior to February
10, 2003 are not subject to the redemption fee.

2.  The  following  risk  disclosure  is  added  under  the  heading  "Principal
Investment Risks":

Market timers. Because the Fund invests predominantly in foreign securities, the
Fund may be  particularly  susceptible  to  market  timers.  Market  timers  are
short-term  investors  who buy shares of the fund with the goal of  selling  the
shares quickly for a profit.  Market timers generally  attempt to take advantage
of the way the Fund  prices its shares by  trading  based on market  information
they expect will lead to an increase in the Fund's NAV on the next  pricing day.
Market  timing  activity may be disruptive to fund  management,  and  negatively
impact  the  investment  returns  of  longer-term  shareholders,  since a market
timer's profits are effectively paid directly out of the Fund's assets. Although
the Fund attempts to discourage  market timing  activities,  it may be unable to
prevent all market timing.

[Job Code]                                                      January 3, 2003