LIBERTY NEWPORT GLOBAL EQUITY FUND
(THE "FUND")
SUPPLEMENT TO PROSPECTUS
DATED MARCH 1, 2000
Subject to approval by the Board of Trustees of the Fund, a proposal to
reorganize the Fund into the respective Acquiring Fund listed below will be
submitted to the shareholders of the Fund. If shareholders of the Fund approve
the proposal, all of the assets of the Fund will be transferred to the
respective Acquiring Fund and shareholders of each Fund will receive shares of
the Acquiring Fund in exchange for their shares. Shareholders of the Fund are
scheduled to vote on the proposal at a special meeting of shareholders to be
held on December 19, 2000. If approved, the reorganization is proposed to take
place in January, 2001. Shareholders of the Fund will be mailed information
detailing the proposal on or about November 8, 2000.
---------------------------- --------------------------
FUND ACQUIRING FUND
---------------------------- --------------------------
Liberty Newport Global Liberty Newport Global
Equity Fund Utilities Fund
---------------------------- --------------------------
781-36/352D-1000 October 16, 2000
