LIBERTY NEWPORT JAPAN OPPORTUNITIES FUND

                           Supplement to Prospectuses dated January 1, 2003

On October 8, 2003,  the Board of  Trustees of the Fund voted to  terminate  the
Fund due to the  Fund's  failure  to grow to a size  sufficient  to  permit  its
cost-effective operation. The effective date of the termination will be December
5,  2003,  or  as  soon  thereafter  as  practicable.  In  connection  with  its
termination,  the Fund will reject all purchase  orders for Fund shares received
after  October 17, 2003 (except those  purchases  that are part of the Automatic
Investment Plan,  Automated  Dollar Cost Averaging  program,  Automatic  Divided
Diversification  program,  dividend  reinvestments  and contributions to certain
existing retirement plan accounts).

734-36/024Q-1003                                                October 14, 2003