LIBERTY REAL ESTATE FUND
LIBERTY COUNSELOR INCOME PORTFOLIO
LIBERTY COUNSELOR BALANCED PORTFOLIO
LIBERTY COUNSELOR GROWTH PORTFOLIO
(the "Funds")
SUPPLEMENT TO PROSPECTUSES
On October 26, 2000, the Boards of Trustees that oversees each of the Funds,
decided to terminate Liberty Real Estate Fund on November 29, 2000 and Liberty
Counselor Income Portfolio, Liberty Counselor Balanced Portfolio and Liberty
Counselor Growth Portfolio in late December, or as soon thereafter as
practicable. The Trustees' decision was based on the failure of each Fund to
grow to a sufficient size to be operated on a cost-effective basis. In
connection with the termination of the Funds, the Boards of Trustees has
suspended the sale of each Fund's shares. Consequently, purchase orders for Fund
shares received (except those purchases that are part of the Automatic
Investment Plan, Automated Dollar Cost Averaging program, Automatic Dividend
Diversification program, dividend reinvestments and contributions to certain
existing retirement plan accounts) will be rejected by the Funds.
G-36/685D-1100 November 1, 2000
