LIBERTY NEWPORT ASIA PACIFIC FUND
                                           LIBERTY NEWPORT EUROPE FUND
                                       LIBERTY NEWPORT GREATER CHINA FUND
                                       LIBERTY NEWPORT GLOBAL EQUITY FUND
                                     LIBERTY NEWPORT JAPAN OPPORTUNITIES FUND
                                           LIBERTY NEWPORT TIGER FUND
                                         LIBERTY INTERNATIONAL EQUITY FUND
                                  (collectively "Liberty International Funds")
                                              Class A, B and C Shares

                                         Supplement to the Prospectuses

1.  Effective  February  10,  2003,  a 2% sales  charge  will be  applied to all
purchases  of Class A shares of Liberty  International  Funds in the  amounts of
$500,000 or more. Purchases over $1,000,000 will no longer be entitled to a full
sales charge waiver.  Class A shares will continue to be sold at net asset value
to certain  eligible  individuals and plans noted in the Statement of Additional
Information.  All  information  contained in the prospectus  relating to Class A
share purchases of over $1,000,000,  including  applicable  contingent  deferred
sales charges and payments to financial advisors, is hereby deleted.

For Class A share purchases by participants  in certain group  retirement  plans
offered  through  a  fee-based  program,  financial  advisors  receive  a  1.00%
commission  from the  distributor on all purchases of less than $3 million.  For
purchases  of $3  million to less than $5  million,  $5 million to less than $25
million and for $25 million or more,  the  financial  advisors  receive from the
distributor a commission of 0.80%, 0.50% and 0.25%, respectively.

In addition, also effective February 10, 2003, if you acquired Class A shares of
a Liberty  International  Fund by exchange  from another  fund,  you will not be
permitted  to exchange  those  shares into  another  fund for 30 calendar  days,
although  you may redeem those shares at any time.  An exchange  order  received
prior to the expiration of the 30-day period will not be honored.

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 the next  pricing  day.
Market  timing  activity may be disruptive to fund  management,  and  negatively
impacts  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